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Two Catalysts Will Trigger Bitcoin Explosion to ‘Unfathomable Heights,’ Says BitMEX Founder Arthur Hayes

source-logo  dailyhodl.com 22 February 2024 19:07, UTC

BitMEX co-founder Arthur Hayes believes two catalysts could send Bitcoin (BTC) soaring to a massive all-time high.

In a new analysis, Hayes says that the recently launched spot Bitcoin exchange-traded funds (ETFs) are accumulating the crypto king at a significant enough rate to cause bullish momentum.

He also believes that the ETF accumulation plus possible rate cuts by the Federal Reserve may cause Bitcoin to explode in value to “unfathomable heights.” The Fed may start the rate-cutting process in June, according to CME Group’s FedWatch tool.

Next up, Hayes predicts that Ethereum (ETH) will see a big rally based on the possibility of a spot market ETF approval for the leading smart contract platform.

Lastly, he says some altcoin projects may outperform both BTC and ETH in the current market.

“Right now, the energy and attention is on the astonishing amount of Bitcoin the US-listed spot ETFs are accumulating. This, along with a global fiat debasement orgy, will drive Bitcoin to unfathomable heights in fiat currency terms. And the upcoming US-listed Ether ETF will drive Ether prices higher as well. I’ve got my Bitcoin and Ether. I might buy a bit more, but by and large my focus is shifting to shitcoins.”

Hayes previously said that the total crypto market capitalization could grow by trillions of dollars within years due to artificial intelligence (AI) innovation and a looser Federal Reserve monetary policy.

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