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Arthur Hayes, co-founder of BitMex, shared his thoughts on what the future holds for the crypto market in his latest essay. “Water, water, everywhere.” Hayes made a prediction for altcoins in particular, saying that their real upswing will only begin once Bitcoin (BTC) and Ethereum (ETH) cross some key price milestones.
The current market conditions are preparing the ground for a major change, the crypto entrepreneur is convinced. He points to a clear connection between a decrease in funds in the reverse repurchase agreement (RRP) market and a rise in the price of bitcoin. As more money flows into the system from the RRP, asset prices, including cryptocurrencies, will rise.
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Hayes is still confident about Bitcoin’s future and believes that the price could soon reach $100,000, and that it could even reach $1,000,000 in the future. He plans to take advantage of the current market weakness during the summer and expects the market to break out of its sideways movement by September.
When is altcoin season?
However, a full-fledged altcoin season is still to come and will only happen once Bitcoin and Ethereum break the $70,000 and $4,000 levels, Hayes predicts. He also acknowledges the potential for Solana to break the $250 mark, but downplays its broader impact compared to BTC and ETH, citing their larger market caps.
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Looking ahead, Hayes plans to sell his crypto holdings in October, when he expects liquidity to peak ahead of the US election. However, this is not the end, as his prediction suggests that the real cryptocurrency bull market will begin after the situation surrounding the US debt ceiling is resolved in early 2025.
