Arthur Hayes says Bitcoin has bottomed with BTC whales. 100” buys dips for first time since Bitcoin halving.

BitMEX co-founder Arthur Hayes said Bitcoin bottomed at $58,600 earlier this week and will begin to slowly rise as Bitcoin whale “Mr. 100” buys BTC for the first time since the Bitcoin halving.

In a recent blog post, Hayes attributed Bitcoin’s recent slump to the U.S. tax season, concerns about Federal Reserve policy decisions, and investors selling the news following the halving. Inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) have also slowed significantly.

“Mayday” briefly discusses recent Federal Reserve, U.S. Treasury, and bank bailout policies. It’s money printing in disguise. So I am re-entering the market with some super shitcoins.

The hat stays on! https://t.co/XmBpQqzBx9 pic.twitter.com/1SkIqZm5xk

— Arthur Hayes (@CryptoHayes) May 2, 2024

As U.S. policy continues to inject billions of dollars of liquidity each month, Hayes believes cryptocurrency prices will slowly rise.

“I don’t expect cryptocurrencies to immediately fully recognize the inflationary nature of the recent U.S. currency announcement, but I do expect prices to bottom out, chip away, and slowly start to rise,” he said.

Hayes predicts that Bitcoin will now rise above $60,000 and then trade between $60,000 and $70,000 by August. So far, he’s been right, and the price of Bitcoin is up 5% to $61,739 as of 10:40 a.m. ET.

Bitcoin Whale Mr. 100 buys the dip

A Bitcoin whale nicknamed “Mr. 100” bought $242 million worth of Bitcoin for $58,000.

This is the first time the wallet has purchased Bitcoin since the halving on April 20. The address had been purchasing at least 100 BTC almost every day since February 14th, but the sequence was halted after the halving.

According to Bitinfocharts, Bitcoin whales currently hold over 65,356 BTC, which were purchased at an average price of $36,572 per coin. Bitcoin hoardings are worth over $3.87 billion at current prices.

Also read:

99Bitcoins (99BTC) – Learn how to earn new tokens

• Audited with solid evidence
• Established brand – founded in 2013
• Free Airdrop – Win $99,999 worth of prizes
• Learn How to Make Money – Get Paid to Complete the Trading Course
• YouTube Community of 700,000+