BitMEX CEO Arthur Hayes predicts Bitcoin price to reach $110K
Bitcoin is trading above the $87K price level amidst increasing institutional investments.
The crypto market is showing signs of recovery as Bitcoin shoots past the $87K price level. Even though the crypto fear and greed index still shows fear market sentiment, its number increased from 27 to 31 today. Meanwhile, BitMEX CEO Arthur Hayes predicted that Bitcoin will hit $110K before falling to $76.5K.
Arthur Hayes posted his bold BTC prediction on his official X account earlier today. He mentioned the reason behind his estimation is the upcoming pivot in the Fed policy. Arthur Hayes suggested that the Fed will move from quantitative tightening (QT) to quantitative easing (QE) for treasuries.
The BitMEX CEO didn’t give much importance to Trump’s tariffs in terms of their impact on the BTC market price. He termed it as “transitory inflation,” which doesn’t last long and doesn’t have a lasting impact on BTC. Arthur Hayes also hinted that he is going to cover this prediction in detail in his next essay.
White House Considers Narrowing Upcoming Tariffs on April 2
According to the latest Wall Street Journal article, the US White House is planning to narrow down tariffs scheduled to take place on April 2. They are going to avoid certain industry-specific tariffs and apply reciprocal tariffs on targeted nations.
Hours after this announcement, Bitcoin price started to surge, moving past the resistance levels at the $84K range. It is trading at $87,352 at present with a 3.59% daily surge. Bitcoin’s 24-hour trading volume increased by a significant 127%. Even though increased institutional interest is pushing the BTC price, the new tariff announcement might’ve had a positive impact on Bitcoin.
Earlier when Trump first announced increased tariffs on Canada, Mexico, and China, the Bitcoin market slumped. It took several weeks after that to recover. Even though Arthur Hayes stated that tariffs are transitory inflation, their impact on BTC is undeniable.