Arthur Hayes Prepares for Altcoins Surge After Missing Bitcoin Rally

  • The BitMEX CEO missed out on the recent crypto market rally due to a wrong forecast.
  • Arthur Hayes is withdrawing cash to prepare for an upcoming altcoin rally.
  • The CEO will set his eyes on the TGA as a target for an exit signal.

BitMEX CEO Arthur Hayes has acknowledged missing out on the recent crypto market rally due to a wrong forecast. According to him, he is preparing for a definite altcoin rally scheduled for the coming months, with an eye on the U.S. Treasury General Account (TGA) for market signals.

In his recent blog post, Hayes elaborated on his thoughts about the current crypto market situation, juxtaposing it with macroeconomic factors influencing the prices of risky assets. He explained how focusing on the larger picture made him miss out on the latest Bitcoin rally.

In a previous post, Hayes explained how the monetary policies of the Federal Reserve would negatively impact cryptos. He predicted that a likely Fed decision would trigger a correction in risky asset prices, including cryptos. While waiting for this to play out, Hayes, reportedly, missed out on the more short-term factors that support and justify the current rally.

According to Hayes, what led him to his mistake was the imminent liquidity injection from the U.S. Treasury Department into the economy, having reached its debt limits earlier in January. He analyzed that this will cancel out any negative impact the Fed’s decision could have on risky assets until it spends the entire $500 billion in reserve.

Hayes said that he is positioning himself for the next phase of the move, this time championed by altcoins. The BitMEX CEO based his decision on the historical cyclic behavior of the crypto market.

In the end, Hayes said that he was withdrawing funds from his market reserves to buy Bitcoin while waiting for the upcoming altcoin rally. While doing so, with his eyes fixed on the TGA, he will get out of the market when it drops to zero.


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Source: https://coinedition.com/arthur-hayes-prepares-for-altcoins-surge-after-missing-bitcoin-rally/