Bitcoin will decline significantly before continuing to grow — here’s why

BitMEX founder and cryptocurrency market veteran Arthur Hayes has updated his regular forecast for the future of the industry.

In a new interview with Crypto Banter, Hayes said that bitcoin (BTC) and other crypto assets are likely to undergo a significant correction before a real bull run takes place.

«I think bitcoin will not escape correlation with global risk assets. Yes, it recently did well on this small rebound from below $ 16,000 to $ 24,000. But I think we are about to have a «final correlation» moment. By that, I mean that everything is falling massively, including bitcoin.

Do I think that it will break the lows that were during the FTX fall? No. Can it break through $ 20,000? Probably. But I’m waiting for one more decline in bitcoin to be in line with overall market risks, and once that’s over, I’ll be super bullish on this space even if everything else goes to hell, because I believe I know the reaction of the monetary and fiscal authorities to the problems they have. They will give money to people and just print it."

Mr. Hayes is confident that the growth of BTC and ETH can cause a real boom among altcoins. «If BTC and ETH continue to grow, then in the next few months there will definitely be a vertical of all kinds of sh*t that will skyrocket…» he is sure.

«The key to sh*tcoins is to understand that they rise and fall in waves. At first, cryptocurrency reserve assets grow — that is, bitcoin and ethereum. Eventually, the rally in these stalwart assets stops, and then prices fall slightly. At the same time, the shitcoins start an aggressive rally. Then they rediscover gravity, and interest returns to BTC and ETH.