Arthur Hayes Says Bitcoin Has Bottomed As BTC Whale “Mr. 100” Buys The Dip For First Time Since The Bitcoin Halving

BitMEX co-founder Arthur Hayes says Bitcoin bottomed at $58,600 earlier this week and will start a slow grind higher as Bitcoin whale “Mr.100” bought BTC for the first time since the Bitcoin halving.

In a recent blog post, Hayes attributed Bitcoin’s recent slump to the US tax season, concerns over Fed policy decisions, and investors selling the news after the halving. Inflows into US spot Bitcoin exchange-traded funds (ETFs) have also slowed down considerably.

"Mayday" is a brief discussion on the recent Fed, US Treasury, the bank bailout policies. It's money printing disguised. As such, I'm re-entering the market with super shitty shitcoins.

The Hat Stays On!https://t.co/XmBpQqzBx9 pic.twitter.com/1SkIqZm5xk

— Arthur Hayes (@CryptoHayes) May 2, 2024

As US policies continue to inject billions of dollars of liquidity every month, Hayes believes crypto prices will slowly rise.

“While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher,” he said.

Hayes predicts that Bitcoin will now rally past $60,000 and then trade range-bound between $60,000 and $70,000 until August. So far, he’s proven right, with the Bitcoin price trading up 5% at $61,739 as of 10.40 a.m. EST time.

Bitcoin Whale Mr. 100 Buys the Dip

The Bitcoin whale nicknamed “Mr.100” has purchased over $242 million worth of Bitcoin at the $58,000 mark.

This was the first time that the wallet purchased Bitcoin since the halving event on April 20. The address had been buying at least 100 BTC on an almost daily basis since February 14, but the sequence halted after the halving.

The Bitcoin whale now holds more than 65,356 BTC, according to Bitinfocharts, purchased at an average price of $36,572 per coin. The Bitcoin stash is worth over $3.87 billion at the current price.

Also Read:

• Standard Chartered Predicts The Bitcoin Price Might Plunge To $50K On BTC ETF Outflows, Macro Outlook
• European Banking Giant BNP Paribas Ventures into Bitcoin ETF Investment
• 5 Coins to Consider During a Crypto Market Downturn – Best Altcoins to Buy This Dip?