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Noteworthy cryptocurrency trader Arthur Hayes addresses the recent dip in Bitcoin’s (BTC) price following the introduction of the Bitcoin exchange-traded funds (ETFs) just a fortnight ago, referring to the sequence as a “warning symbol.” Hayes’s attention is drawn to the corresponding event of Bitcoin’s recent peak and the 2-year US treasury reaching a 4.14% local low this month, currently demonstrating a slow increase.
In an intriguing blog post, Hayes disputes the popular viewpoint that the cause for Bitcoin’s recent price drop is precipitated by the outflows from the Grayscale Bitcoin Trust (GBTC). While elaborating on that point, Hayes illustrates how the net result of GBTC outflows juxtapose against the inflows into the recently introduced spot Bitcoin ETFs amount to a net inflow of $820 million as calculated till January 22nd. Recent reports from BeInCrypto relayed that more than $3.3 billion in outflows has been observed by Grayscale since approving spot Bitcoin ETFs. Hayes emphasizes the Bank Term Funding Program’s (BTFP) potential discontinuation as an explanation for this investor response, hence, concluding that the Bitcoin price will likely continue to decrease until the BTFP renewal decision is announced.
Arthur Hayes confidentially provides his short-term prediction for Bitcoin’s price, which includes an optimistic uptrend post the expected BFTP renewal decision, subsequently amplifying Bitcoin’s price value. He declares, “As the SPX and NDX dump due to a mini financial crisis in March, Bitcoin will rise as it will front-run the eventual conversion of rate cuts and money printing talk on behalf of the Fed into the action of pressing that Brrrr button.” Presently, Bitcoin’s price stands at $41,921.
The long-term outlook of Bitcoin’s price, according to Hayes, includes the prediction of Bitcoin reaching $70,000 by the end of 2024 due to the decreasing interest rate, crypto halving event, and launch of spot Bitcoin ETFs. He adds, “That’s when the real fun starts. That’s when the real bull market starts.” Furthermore, Hayes envisages the Bitcoin price reaching between $750,000 to $1 million in the upcoming two years.
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