Arthur Hayes, co-founder of BitMEX, anticipates that the cryptocurrency markets are experiencing a temporary correction before Bitcoin (BTC) and other digital assets reach new all-time highs this year.
In a recent interview, Hayes points out that significant corrections are typical during historical bull cycles, asserting that this phase is fostering a stronger market structure that could propel Bitcoin to $250,000 by year-end.
“This situation is just a short-term discomfort. We’re getting rid of the excess. Bitcoin had an impressive rally from $20,000 to $110,000, starting from the FTX low to what some call the TRUMP coin, followed by a 30% correction. Such fluctuations are quite normal in a bull market. Sure, some may have over-leveraged. Perhaps they ventured too far into lesser coins. However, I firmly believe we’ll eliminate that excess, and I still maintain that Bitcoin could hit $250,000 by the end of the year.
“Does this guarantee that the specific altcoin you own will skyrocket 100x? Probably not, as investors will become more selective about their holdings. But from Bitcoin’s standpoint, as well as the overall market cap of crypto, I project that we will be significantly higher by year’s end.”
Hayes attributes part of the potential surge in Bitcoin and other cryptocurrencies to substantial increases in the monetary supply as governments engage in further money printing to combat worsening macroeconomic conditions.
“We have seen the pattern. In times of financial strain, the usual response is to print more money. Regardless of political perspectives—left, right, or center—money printing prevails. This is the system we are entrenched in. We must endure the pressure, capitalize on the ensuing response, and that is our objective as crypto investors.”
As of now, Bitcoin is priced at $84,677, reflecting a 4.4% increase over the past 24 hours.
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before undertaking any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and trades are conducted at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not advocate for the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Note that The Daily Hodl participates in affiliate marketing.
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