• Arthur Hayes, co-founder of BitMEX and macro-market analyst, believes there is still an opportunity to profit now from the ongoing risk asset rally that began last month.
• Hayes had previously warned that the rally may be a bull trap and that a retracement back to Bitcoin’s $16,000 lows was still in the cards.
• However, Hayes has now reconsidered and believes that Bitcoin’s rally is not yet over – with traders poised to sell at any moment before the U.S. debt ceiling is raised.
Arthur Hayes’ Market Forecast
Arthur Hayes, co-founder of BitMEX and macro-market analyst, believes there is still an opportunity to profit now from the ongoing risk asset rally that began last month. He had previously warned that the rally may be a bull trap and that a retracement back to Bitcoin’s $16,000 lows was still in the cards, but he has since reconsidered this outlook and believes that Bitcoin’s rally is not yet over – with traders poised to sell at any moment before the U.S. debt ceiling is raised.
Rally Isn’t Over Yet
In his blog post titled “Be Present”, Arthur Hayes alluded to his previous post covering Bitcoin’s celebrated January rally which took it back above $20,000 for the first time since FTX collapsed. Risk assets rallied across the board following strong signs of disinflation in December which signaled to markets that Federal Reserve’s mission to combat inflation may soon be ending and allowing it to pivot into a more dovish monetary policy.
Buying Opportunity
Despite being fearful of future crypto market retracements, Arthur Hayes believes there is still an opportunity to profit from current market conditions by buying into Bitcoin sooner than previously planned. He argues this despite having kept his spare capital in market funds and short-dated U.S Treasury bills due to missing out on gains made by Bitcoin when it surged 50% since then until present day prices around $50k+.
Debt Ceiling Warning
The macro-market analyst warns investors they should be ready to sell at any moment before