Bitcoin is still due for more sideways turbulence—and potentially some more bleeding—before shooting to the sky later this month, according to BitMEX co-founder Arthur Hayes.

In his latest piece, the famous crypto essayist and macro-analyst admitted that his previous prediction that Bitcoin’s bull market would “begin anew” in September was incorrect, but that his bearishness remains “temporary.”

“I have changed my mind, but it doesn’t affect my positioning at all. I’m still long as fuck in an unlevered fashion,” he wrote on Tuesday.

Rather, Hayes has simply delayed his bullish expectations by a few weeks as he waits on the Federal Reserve and U.S. Treasury to pump emergency liquidity into the market. This liquidity, he claims, will likely come from the Treasury General Account—and from a potential restart of quantitative easing meant to maintain stability in the treasuries market.

“I expect intervention to begin in late September,” he added. “Between now and then, Bitcoin, at best, will chop around these levels and, at worst, slowly leak lower towards $50,000.”

Bitcoin initially pumped to $64,000 following Fed chairman Jerome Powell’s promise to begin lowering interest rates last month. Lower interest rates mean cheaper borrowing costs, which have largely proven to be bull

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Author: Andrew Throuvalas

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