BitMEX Founder Arthur Hayes has offered his perspective on Bitcoin’s price trajectory ahead of its upcoming halving event.
In a recent statement, Hayes expressed uncertainty about Bitcoin’s ability to maintain its all-time high as the halving approaches. He anticipates a decline in BTC prices both before and after the halving, attributing this trend to limited dollar liquidity during this period, which could lead to increased selling pressure from crypto asset holders.
Hayes further predicts that after May 1, the quantitative tightening (QT) cycle will ease, returning to a more standard rhythm aligned with U.S. inflation trends.
“While the Bitcoin block reward is expected to halve on April 20, which is viewed as a bullish catalyst for crypto markets, I believe that the price action directly before and after could turn negative.”
Arthur Hayes, BitMEX Founder
As a result of his analysis, Hayes has opted to refrain from trading until May, when the Federal Reserve is anticipated to discuss potential adjustments to its QT program.
On April 8, Bitcoin surpassed the $72,000 mark for the first time since mid-March, with the impending Bitcoin halving contributing to the cryptocurrency’s growth momentum. Following the halving, the block reward will be reduced from 6.25 BTC to 3.125 BTC.
While Hayes adopts a cautious stance, other experts hold more bullish outlooks for Bitcoin’s future. Skybridge Capital CEO Anthony Scaramucci, for instance, anticipates that BTC could reach $170,000 during this bullish cycle, with Bitcoin’s market capitalization eventually rivaling that of gold.
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