Market analyst Arthur Hayes shared the critical level that he believes the Bitcoin price will never return to. Instead, Hayes predicts the third quarter will be rather sluggish.
Arthur Hayes expects Bitcoin price to remain stable in the long run
In his latest blog post, Hayes stated that, contrary to expectations, he believes that the Bitcoin price will not fall to $20,000. The famous forecast says that we will spend time at $25,000 during the third quarter instead. In his article, which also touched on the Fed’s monetary policy, he gave the following about Bitcoin:
I also believe that at some point more investors will calculate and realize that the Fed and the U.S. Treasury are handing out billions of dollars a month to wealthy savers. That money has to go somewhere, and some of it will flow into tech stocks and crypto. While the mainstream financial media may seem doomed in the face of a sharp correction in crypto prices, there is a lot of cash that needs a home in limited-supply financial assets like crypto.
While some think we will drop below $20,000 in Bitcoin, I think we will spend $25,000 breaking through the beginning of the third quarter. Cryptocurrency’s ability to weather the storm will be directly related to the amount of interest income seeking a new home.
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— Arthur Hayes (@CryptoHayes) August 23, 2023
