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The post <a href="https://coinpedia.org/news/bitcoins-bottom-out-arthur-hayes-predicts-gradual-ascent-to-70000/">Bitcoin’s Bottom Out? Arthur Hayes Predicts Gradual Ascent to $70,000</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Ex-BitMEX CEO Arthur Hayes shared his views, which indicated that Bitcoin may have hit its local bottom and will see a gradual ascent in the next few months. His predictions are a consequence of the recent market fluctuations, which were affected by various macroeconomic factors. 
<h2 class="wp-block-heading" id="h-market-analysis-and-predictions">Market Analysis and Predictions</h2> 
In a recent blog post, Arthur Hayes shared his observations regarding Bitcoin’s drop to a local low of around $58,600.&nbsp; 
Despite the recent dips breaking the hopes of many, Hayes has anticipated a recovery, projecting that “Bitcoin will rally to above $60,000 and then remain rangebound between $60,000 and $70,000 until August.”&nbsp; 
Needless to say, Hayes’ forecasts are all based on careful analysis of market patterns over the last week. He believes the current pattern shows a “well-needed market cleansing” after a 12% retreat the past week. 
“The price action played out as I expected,” Hayes noted, attributing the market’s movements to factors such as U.S. tax season pressures, speculations building up before yesterday’s FOMC meeting, and the hype pre-Bitcoin halving event, which, as per Hayes, triggered a ‘sell the news’ behavior among traders. 
<h2 class="wp-block-heading" id="h-economic-influences-on-cryptocurrency-markets">Economic Influences on Cryptocurrency Markets</h2> 
In his post, Hayes has also touched upon the discussion regarding the broader economic context impacting cryptocurrency markets, specifically the Federal Reserve’s quantitative tightening (QT) taper and the U.S. Treasury’s debt issuance plans.&nbsp; 
Hayes says the U.S. government is following the “stealth money printing” method. This method involves the Fed slowing its balance sheet reduction by tapering the QT, effectively increasing dollar liquidity, which will thereby ease market conditions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Are the recent Fed and Treasury policy announcements stealth forms of money printing? Yes,” Hayes affirmed. He predicts that “the slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out.” 
</blockquote> 
<h2 class="wp-block-heading" id="h-other-industry-perspectives">Other Industry Perspectives</h2> 
Jeff Ross, Founder and CEO of Vailshire Capital Management, commented on the market’s outlook, sharing almost the same viewpoint as Arthur Hayes. Jeff Ross talked about the strategic shifts in Fed policies. “The Fed’s ‘rhetoric pivot’ was the official transition from ‘bad-to-less-bad liquidity conditions,'” Ross stated, signaling a potentially bullish phase for cryptocurrencies. 
Moreover, one of the most influential 9nstitutional crypto brokerages, MatrixPort, also noted, “Bitcoin tends to move sideways afterward for four to five months based on previous instances” post-halving. 
With Bitcoin recovering 4.2% to trade at $59,804 at the time of writing, the market shows signs of resilience. Industry leaders like Arthur Hayes and Jeff Ross believe that despite the recent setbacks, the groundwork is being laid for a more stable and bullish future in the crypto markets.

Bitcoin’s Bottom Out? Arthur Hayes Predicts Gradual Ascent to $70,000

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