- Arthur Hayes predicts a potential downturn in crypto markets around the Bitcoin halving on April 20, despite expecting a medium-term price boost.
- Hayes announces a no-trade period until May 1, planning to capitalize on the anticipated commencement of a bull market post-halving.
The most anticipated crypto event of the year, Bitcoin halving, is just around the corner. And amid all the excitement, Web3 and crypto KOLs are sharing their takes on the broader market impact.
Co-founder and former CEO of cryptocurrency exchange BitMEX, Arthur Hayes, in his April 8 blog post suggested that April might see a downturn in volatile asset markets. He’s optimistic that the Bitcoin halving would boost prices over the medium term, yet cautioned that crypto values could dip directly before and after the event
“The Bitcoin block reward is forecast to halve on April 20th. This is seen as a bullish catalyst for crypto markets. I agree that it will pump prices in the medium term; however, the price action directly before and after could be negative,” Hayes wrote.
Hayes further explained that the narrative of the halving being positive for crypto prices is well entrenched. When the majority of market participants concur on a specific result, the contrary often happens. Hence, he thinks that Bitcoin and overall cryptocurrency prices will likely decline around the time of the halving.
Additionally, the BitMEX co-founder has stated that he will enter a no-trade period effective immediately, lasting until May 1st. He anticipates returning in May, prepared with sufficient resources to take advantage of the bull market's commencement.
Edited by Harshajit Sarmah
