BitMEX founder and crypto veteran Arthur Hayes says there will come a certain point where he will go “super bullish” on digital asset markets.
In a new interview on Crypto Banter, Hayes says Bitcoin (BTC) and other risk assets are likely to see a major correction before a real bull run.
“I think bitcoin hasn’t really escaped its correlation with global risk assets. It may have done quite well recently on that small jump from under $16,000 to $24,000. But I think we’re in for a “correlation one” moment. By that I mean that everything goes down massively together, including bitcoin.
Do I think it will break the lows of the FTX saga? No. Could it break $20,000? Certainly. But I’m looking for another leg down in bitcoin to correspond with the broader risk markets and when that’s done I’m super bullish on that area even if everything else sucks because I believe in the reaction of the currencies – and fiscal authorities will do in another awkward situation. They hand out money to people and print it.”
In a recent blog post, Hayes said that if Bitcoin and Ethereum (ETH) continue their recent rally from bear market lows, the rest of the markets could outperform significantly. According to the crypto billionaire, altcoins could go “vertical” due to an ongoing BTC and ETH bull run.
“If bitcoin and ethereum continue to rally, there will definitely be a sh*tcoin vertical going crazy over the next few months…
“The key to sh*tcoining is to understand that they go up and down in waves. First, the rally in crypto reserves – that is, Bitcoin and Ethereum. The rally in these long-running favorites eventually falters, and then prices fall slightly. At the same time, the Shitcoin complex is staging an aggressive rally. Then sh*tcoins rediscover gravity and interest shifts back to Bitcoin and Ethereum.
And this gradual process will continue until the secular bull ends.”
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