Arthur Hayes, who wrote in April that he expected a decline after the halving, citing both the tax period in the US and the Fed uncertainty as the reason for this, stated in his new blog post that the declines are mostly over.

“We will hodl”

Hayes, who claims that the rises in Bitcoin will start gradually and “bit by bit”, said:

“Some of you degens were screaming “Mayday” as you watched crypto markets puke from mid-April until the present. There was so much pain that momentum-chasing paper hands like Irene Zhao proclaimed that they were “done” with crypto. As if – she will dutifully return posting crypto thirst traps once Bitcoin is back trending up and to the right in short order. The price action played out as I expected. US tax season, consternation over what the Fed will do, the Bitcoin halving sell the news event, and a slowdown of US Bitcoin ETF asset under management (AUM) growth coalesced over the prior fortnight to produce a well-needed market cleansing. The tourists will sit out the next phase on the beach… if they can afford it. Us…will hodl, and if possible, accumulate more of our favourite crypto reserve assets such as Bitcoin and Ether, and/or high-beta sh*tcoins like Solana, Dog Wif Hat, and dare I say Dogecoin (the OG doggie coin).”

“I expect $60-$70 thousand in summer”

In May, contrary to popular belief (*Sell and go in May), Hayes stated that he would make purchases and increase the number of coins in his hands and stated that it is currently the “Buy and forget” period:

“My price prediction is a rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August. Are the recent Fed and Treasury policy announcements stealth forms of money printing? Yes.” he said.