Former Bitmex Chief Expects Bitcoin to Trade Within $60K-$70K Range Until August

Former Bitmex CEO Arthur Hayes shared his analysis and bitcoin price prediction in an opinion piece titled “Mayday,” published on Thursday.

“The slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out,” Hayes explained. “While I don’t expect crypto to fully realize the recent U.S. monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.”

Noting that the price of bitcoin “hit a local low at around $58,600 earlier this week,” the former Bitmex boss shared his bitcoin price prediction. He stated:

A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.

“The price action played out as I expected. U.S. tax season, consternation over what the Fed will do, the Bitcoin halving sell the news event, and a slowdown of U.S. bitcoin ETF asset under management (AUM) growth coalesced over the prior fortnight to produce a well-needed market cleansing,” Hayes detailed.

He also pointed out that China’s currency, the CNY “will be devalued, but it won’t be against USD; rather, it will be against gold and bitcoin.”

Prior to the Bitcoin halving, Hayes forecasted a decline in BTC’s price post-event. “Given that the halving occurs at a time when dollar liquidity is tighter than usual, it will add propellant to a raging fire sale of crypto assets. The timing of the halving adds further weight to my decision to abstain from trading until May,” he described at the time. Furthermore, he expressed his belief, stated in February, that in the long run, BTC could surge to $1 million amid a surge in banking bailouts and money printing.

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