BitMEX’s Arthur Hayes Says BTC Bottom Is In, Shares Coins He’s Buying

Arthur Hayes, the founder of the popular crypto trading platform BitMEX, has expressed a conviction that Bitcoin has hit its local bottom and will only continue a slow grind back up from here in the coming months.

The latest comments from the experienced trader and crypto investors come hours after Bitcoin (BTC) swiftly came back from recent lows to briefly trade as high as $60,000 in the hours leading up to press time. In the past 72 hours, the cryptocurrency had gone as low as $56,600 but appears to have overcome the bearish sentiment.

Commenting on Bitcoin’s trend reversal, the veteran trader noted that recent monetary policy, especially in the United States, is gradually turning bullish for financial markets. However, he argues that crypto investors have yet to recognize the changing landscape and may only realize that after the market has gained substantially.

Arthur Hayes wrote in his latest essay,

The slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out. […] I expect prices to bottom, chop, and begin a slow grind higher.

Regarding when he expects market conditions to go fully bullish, Arthur Hayes predicts that Bitcoin will remain range-bound between $60,000 and $70,000 between May and August. Evidently, the BitMEX founder believes a breakout will follow, with loose monetary policy leading up to a market rally.

Arthur Hayes Shares Cryptocurrencies He’s Buying

In addition to the subtly bullish stance, the BitMEX founder revealed he would be investing in Solana (SOL), and buying dog-themed memecoins based on the blockchain, like Dogwifhat (WIF). He adds that he would inject some cash into the leading memecoin, Dogecoin (DOGE). The experienced trader explained that he would double down on his exposure to these tokens this month.

Notably, Hayes’ decision to invest in dog-themed memecoins follows the recent surge in the attention given to the memecoin sector. According to current market data, the memecoin market has soaked up over $48 billion, thanks to the rise in tokens like Shiba Inu (SHIB), PEPE, BONK, and others.