Arthur Hayes, BitMEX’s co-founder, believes Bitcoin will remain on an upward trend if the market selloff is able to hold a key level.
Hayes informs his 662.400 followers via the social media platform X, that if Bitcoin can hold $76,500 over the next 2 weeks as support, it may begin to rally again.
Market no likey “Liberation Day”; if BTC holds $76,500 by the US Tax Day April 15th then we’re out of trouble. Don’t get chopped up!”
Hayes is of the opinion that US President Donald Trump’s tariffs, announced on Wednesday and dubbed by Trump as ‘Liberation Day’, will cause the Fed to switch to quantitative easing, which historically has been positive for crypto assets.
Trump’s tariffs are further proof that he has a laser focus on correcting [global] trade imbalances. Foreigners cannot buy bonds without money, which is a problem for Treasury. To ensure that the treasury markets are well-functioning, both the Fed and banking systems must take action. This means increasing money supply.
The weakening US Dollar may also help boost Bitcoin and Gold as investors seek to hedge themselves against inflationary pressures.
The [US dollar] has been weakening as foreigners sell US tech stocks to bring money back home. The medium-term outlook is positive for BTC, gold and silver.
Bitcoin has a value of $82,836 as at the time this article was written, which is flat for the day.
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The post Bitcoin will be out of the woods if major support level holds over next two weeks, says Arthur Hayes could change as new information becomes available.
