Arthur Hayes: a new wave of bitcoin growth will reach $ 110,000 per coin

Bitcoin BTC $103,336.49 Bitcoin -0.93% Market capitalization $2.05 trillion VOL. 24 hours $3.67 billion can start a new wave of growth and reach $ 110,000 if the market finally leaves the accumulation phase. Such an assessment was made by Arthur Hayes, CEO of BITMex crypto exchange.

According to him, BTC is currently at the stage of consolidation, when large investors, including holders of more than 1,000 coins, are gradually increasing their reserves. In previous market cycles, such dynamics have led to prolonged growth, as it was in 2020. The current activity of major players shows their confidence in further price growth.

The analyst notes that the key resistance zone is the $ 69,000 level, which is the historical high of BTC. Its successful overcoming could signal the massive entry of new investors and trigger a rally to $ 110,000. However, the expert also warns that this scenario is not guaranteed and depends on a number of macroeconomic factors, including the US Federal Reserve’s policy.

Hayes emphasizes that short-term investors — those who have been holding BTC for less than 155 days — are currently taking profits, which is typical of accumulation phases. At the same time, long-term holders are not showing a mass exit from the market, which indicates a stable foundation for possible growth.

The crypto expert concludes that to start a real bullish trend, the market needs to overcome the phase of uncertainty. If this happens, the next wave of growth could be larger than in previous cycles.