U.Today – Arthur Hayes, co-founder of BitMex, shared his thoughts on what the future holds for the cryptocurrency market in his latest essay, “Water, Water, Everywhere.” In particular, Hayes made a prediction for altcoins, saying that their true rally will only begin once (BTC) and (ETH) surpass some important price milestones.
The crypto entrepreneur is convinced that current market conditions are setting the stage for a major shift. He points to a clear link between a drop in funds in the reverse repurchase agreement (RRP) market and a rise in the price of Bitcoin. As more money enters the system from the RRP, asset prices, including cryptocurrencies, will rise.
Hayes remains optimistic about the future of Bitcoin and believes it could hit $100,000 soon, and could even reach $1,000,000 in the future. He plans to take advantage of the current market weakness over the summer, and expects the market to break out of its sideways movement in September.
When is altcoin season?
However, a full altcoin season has yet to happen, and will only come about when Bitcoin and Ethereum break through the $70,000 and $4,000 levels, Hayes predicts. He also acknowledges the potential for breaking above $250, but downplays its broader impact compared to BTC and ETH, citing their larger market caps.
Looking ahead, Hayes plans to sell his crypto holdings in October, when he expects liquidity to peak ahead of the US election. It's not the end, though, as his outlook suggests the real crypto bull market will begin after the US debt ceiling situation is resolved in early 2025.
This article was originally published on U.Today
