Hayes: Alt Season Won’t Return Until Bitcoin Hits $70K, Ethereum $4K
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Former BitMEX CEO Arthur Hayes believes altcoins won’t see a resurgence until Bitcoin surpasses $70,000 and Ethereum breaks through the $4,000 mark.
In a recent blog post, the crypto billionaire said that both Bitcoin and Ethereum have shown resilience despite recent market corrections, largely due to structural support from inflows into U.S.-listed exchange-traded funds (ETFs).
“During this cycle, Bitcoin and now Ether have structural bids in the form of net inflows into US-listed exchange-traded funds (ETF),” he wrote.
Hayes also claimed that Solana could resume its uptrend and reach over $250.
However, he argued that the market-wide impact of a Solana rally is far less significant compared to the wealth effect generated by Bitcoin and Ethereum due to their larger market capitalizations.
Hayes suggests that a dollar liquidity-driven rally in Bitcoin and Ethereum towards the end of the year will set the stage for the return of an “alt season” or a widespread surge in altcoin prices.
Bad Gurl Yellen is full of $ liq and she is a squirter. "Water, Water, Every Where" is an essay on how she will soak the markets with $300bn to $1.05tn btw now and year end.https://t.co/U04IAYgwDQ pic.twitter.com/hgFISCkwXN
In terms of his trading strategy, Hayes plans to capitalize on the current market conditions.
He believes that as U.S. Treasury bills (T-bills) are issued and the Treasury’s buyback program proceeds, liquidity in the financial markets will improve, potentially leading to a stronger crypto market starting in September.
With the U.S.
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