Arthur Hayes "Bitcoin may retest the low $80,000s… support is solid"

Minseung Kang

Summary

Arthur Hayes said that Bitcoin could be concluding a short-term adjustment period.
He mentioned the possibility of a drop into the low $80,000s, but said $80,000 support is solid.
He said small-scale buying is possible now, but he plans to postpone full capital deployment until after the New Year.

Arthur Hayes, co-founder of BitMEX, said that Bitcoin could be concluding a short-term adjustment period, mentioning signs that the Fed is dialing back the pace of tightening and an increase in lending by U.S. banks.

On the 24th, Hayes wrote on X (formerly Twitter) that "the U.S. central bank's (the Fed's) quantitative tightening (QT) appears likely to stop on December 1," and added that "this week could be the last time the balance sheet shows a decrease." He said that "U.S. banks increasing lending in November is also a positive sign."

Regarding short-term price movement, Hayes said, "Bitcoin could continue to trade below $90,000," and "there is room for an additional decline into the low $80,000s, but the $80,000 support level will hold." He added, "I might buy a little now, but I plan to hold off on full-scale capital deployment until after the New Year."

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