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Bitcoin Price Going to $110K Says Arthur Hayes Before US PCE Data Release

1 week ago
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Bitcoin price is showing strength surging an additional 3.5% and moving to $87,000 ahead of the release of US core PCE data this week. Former BitMEX CEO Arthur Hayes expects the Federal Reserve to undertake quantitative easing (QE) measures soon, which could push BTC to $110K and beyond.

Bitcoin Price Rally to $110K Coming, Says Arthur Hayes

Former BitMEX CEO Arthur Hayes has confidently forecasted that Bitcoin will climb to $110,000 before revisiting its $76,500 level. Hayes attributed his bullish stand on BTC to the upcoming pivot in the Fed policy, suggesting an upcoming move from quantitative tightening (QT) to quantitative easing (QE) moving ahead.

Furthermore, Hayes downplayed the impact of Trump’s tariffs, while referring to it as “transitory inflation” as noted by Fed Chair Jerome Powell. Last week, the former BitMEX CEO also stated the chances of a Bitcoin bottom formation at $77,000 while eyeing an upward trajectory from here onwards.

As of press time, Bitcoin price is trading 3.17% up at $86,758 with daily trading volume surging 74% to $16.69 billion, highlighting a strong bullish undercurrent. As per the Coinglass data, the BTC futures open interest is also up by 7.79% to more than $56 billion, with the 24-hour short liquidations soaring past $50 million.

US PCE Data To Highlight Inflation Trajectory

This week, the Federal Reserve will unveil its most closely watched inflation measure, the U.S. core PCE price index for February. Market expectations point to a slight rebound in the index, with forecasts predicting an increase from 2.6% to 2.7%.

Along with the US PCE data, the Fed will also unveil the final one-year inflation rate forecast for March, while offering greater insights into inflationary trends. This will help shape the market sentiment for risk assets moving ahead. Below is the list of key events scheduled for this week.

Institutional Demand for BTC Picks Up Once Again

Institutional demand for Bitcoin has been on the rise thereby pushing the Bitcoin price higher once again. Last week, the US spot Bitcoin ETFs recorded inflows for six consecutive days in a row showing strong resumption in demand.

Additionally, corporate players like Strategy (MSTR) and Metaplanet have continued with their Bitcoin purchases. In the early trading hours in Aisa on Monday, Japan’s Metaplanet announced buying an additional 150 Bitcoin, taking its total holdings to 3,350 BTC. Earlier today, the company announced an investment of $12.6 million, for an average purchase price of $83,801 per BTC.

The cumulative investment stands at approximately $278.8 million, averaging $83,224 per BTC. Notably, Metaplanet has achieved an impressive year-to-date BTC yield of 68.3%. Last week, Eric Trump joined Metaplanet’s board of advisers to take further its Bitcoin acquisition plans. Strategy’s executive chairman Michael Saylor has also hinted at more BTC purchases coming ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/bitcoin-price-going-to-110k-says-arthur-hayes-before-us-pce-data-release/