Former BitMEX CEO Arthur Hayes, who drew attention with his analyses of Bitcoin and the cryptocurrency market, predicted the worst-case scenario for Bitcoin in the short term.
In his new article, Hayes said that in the worst-case scenario, Bitcoin could fall to $50,000, while altcoins could experience even deeper declines due to macroeconomic pressures and rising bond yields.
At this point, Hayes noted that Bitcoin could temporarily fall or stagnate due to increases in the Fed’s Reverse Repo Program (RRP) balance, while he said he expects a rally when the Fed and the Treasury Department continue liquidity improvements.
Stating that he expects the FED and the US Treasury Department's intervention to begin in late September, Hayes predicted that Bitcoin and altcoins will continue to fall until then.
I Changed My Mind About Taurus!
Hayes, who stated that in his previous analysis he said the bull market would restart in September but changed his mind, pointed to the end of September for a possible rise.
Hayes stated that although he expects a decline in the short term, his expectation of an increase in the long term continues, and that he does not have a leveraged transaction and will add to his positions in BTC and reliable altcoins during the decline.
“I have gone on record saying the bull market will start again in September. I have changed my mind, but it does not affect my position at all.
I still do not have any leveraged transactions and my expectation of an increase continues.
The only additions I will make to my portfolio on a dip will be to increase my positions in shitcoin projects that I find solid at increasingly deeper discounts to my perception of fair value.”
Hayes had previously announced that he was purchasing popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
*This is not investment advice.
