BitMEX founder and crypto veteran Arthur Hayes says there will be a certain point when he flips “super bullish” on the digital asset markets.
In a new interview on Crypto Banter, Hayes says Bitcoin (BTC) and other risk assets are likely to undergo a large correction before a real bull run happens.
“I think that Bitcoin has not truly escaped its correlation with global risk assets. It might have recently done quite well on this little bounce from sub $16,000 to $24,000. But I do think we’re in store for a ‘correlation one’ moment. By that I mean everything goes down massively together, Bitcoin included.
Do I think it’s going to break the lows of the FTX saga? No. Could it break $20,000? For sure. But I am looking for another leg down in Bitcoin to correspond with general risk markets, and then once that’s finished, then I’m super bullish in this space, even if everything else is going to sh*t, because I believe in the response of what the monetary and fiscal authorities will do in another unpleasant situation. They’ll hand out money to people and they’ll print it.”
In a recent blog post, Hayes said that in the event Bitcoin and Ethereum (ETH) continue their recent rally from bear market lows, the rest of the markets could vastly outperform. According to the crypto billionaire, altcoins could go “vertical” on the back of a sustained BTC and ETH bull run.
“If Bitcoin and Ethereum continue to rally, there will definitely be a sh*tcoin vertical that goes bananas over the next few months…
“The key to sh*tcoining is understanding they go up and down in waves. First, the crypto reserve assets rally — that is, Bitcoin and Ethereum. The rally in these stalwarts eventually stalls, and then prices fall slightly. At the same time, the shitcoin complex stages an aggressive rally. Then sh*tcoins rediscover gravity, and interest shifts back to Bitcoin and Ethereum.
And this stair-stepping process continues until the secular bull market ends.”
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