Recent events in the cryptocurrency market have raised concerns among investors. However, former BitMEX CEO Arthur Hayes believes that the fall in Bitcoin and altcoin prices is temporary.
Recent Price Fluctuations of Bitcoin
Over the weekend, the prices of Bitcoin and other altcoins dropped amid tensions between Israel and Iran. Nonetheless, this decline was short-lived, with BTC rising back above $100,000.
Arthur Hayes' Predictions for Bitcoin
Arthur Hayes opined that the recent decline in prices is temporary. He predicts that Bitcoin's price will rise to $150,000-$200,000 by summer 2025 and could reach $250,000 by the end of the year. Hayes noted that central banks will continue to print money in response to current market weaknesses, which will strengthen BTC's position as a safe haven asset.
quote: “Do you hear it? … That’s the sound of money printers stepping up to do their patriotic duty. This weakness will pass and leave no doubt about BTC’s safe haven status.” CITE_W_A
Predictions for Ethereum
Hayes also commented on the situation with Ethereum, stating that the asset faces a more challenging path. He posited that the critical level for ETH is $5,000 and believes it needs to be surpassed by the end of the year.
Arthur Hayes remains confident in Bitcoin's long-term prospects, suggesting significant growth in the coming years, while Ethereum faces tougher challenges.
