Arthur Hayes, the founder of the cryptocurrency exchange BitMEX, has said that he believes Bitcoin will be choppy around $25,000 in the third quarter of 2023.
Hayes said that he believes the market is underestimating the impact that the Federal Reserve’s loss of control of the US Treasury market will have on the cryptocurrency market. He said that the Fed’s loss of control could lead to a resumption of rate cuts and quantitative easing, which would be bullish for Bitcoin.
In Line With What Other Analysts Have Predicted
Hayes’s comments come as Bitcoin has been struggling in recent months. The cryptocurrency has fallen from its all-time high of $69,000 in November 2021 to around $26,000 today.
Hayes’s prediction is in line with the views of other analysts. Many analysts believe that Bitcoin is likely to remain range-bound in the near term, as the market awaits more clarity on the Fed’s monetary policy.
However, Hayes’s prediction is also based on the assumption that the Fed will lose control of the US Treasury market. This is a risk, but it is not certain to happen.
Overall, Hayes’s comments suggest that he is bullish on Bitcoin in the long term. However, he also believes that the market is likely to remain volatile in the near term.