BitMEX founder and cryptocurrency veteran Arthur Hayes says there will be a certain point when digital asset markets “super bullish”.
In a new interview with Crypto Banter, Hayes says that Bitcoin (BTC) and other risk assets are likely to undergo a major correction before a real rally occurs.
“I think Bitcoin hasn’t really escaped its association with global risk assets. It may have done very well recently in that small bounce from $16,000 to $24,000. But I think we’re in for a “relationship” moment. By that I mean everything is falling en masse together, including Bitcoin.
Do I think it will break FTX all time lows? No. Could it break $20,000? For sure. But I’m looking for another leg in Bitcoin to meet the general risk markets, and once it’s over, I’m extremely bullish on that, even if all else is going to fail, because I believe in the response to what monetary and fiscal authorities in another unpleasant situation. They will hand out money to people and print it.”
In a recent blog post, Hayes said that if Bitcoin and Ethereum (ETH) continue their recent rally from bear market lows, the rest of the markets could outperform. According to the crypto billionaire, altcoins could go “vertical” after a sustained BTC and ETH rally.
“If Bitcoin and Ethereum continue to rise, there will definitely be a sh*tcoin vertical going bananas in the coming months…
“The key to sh*tcoining is to understand that they go up and down in waves. First, the rally of reserve cryptocurrencies — namely Bitcoin and Ethereum. The rally in these stocks eventually stops and prices then fall slightly. At the same time, the shitcoin cluster is staging an aggressive rally. Then sh*tcoins rediscover gravity and interest shifts back to Bitcoin and Ethereum.
And this cascading process continues until the secular bull market ends.”
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