Arthur Hayes: Altseason Will Start

Altcoin is said to be entering the altseason soon. (Photo; Doc. Cryptured)

JAKARTA - Arthur Hayes, founder of BitMEX and a figure taken into account in the crypto world, recently renewed his views on the right time for altcoins to gain momentum.

In his latest essay, Hayes revealed that the crypto market is likely to respond positively to a massive liquidity shot expected to enter the United States financial system. This liquidity will come from the US Treasury Secretary Janet Yellen's plan, which will issue US state bonds (T-bills).

Hayes said that this new liquidity could potentially push the prices of Bitcoin (BTC) and Ethereum (ETH) to higher levels. At the same time, this condition could also be a catalyst for the resumption of the "altcoin season" or altseason.

"Based on Janet Yellen's statement, we know that 301 billion US dollars (Rp4,816 trillion) T-bills will be published between now and the end of the year. If this trend continues, Bitcoin will soon recover from the decline caused by yen strengthening. The next target for Bitcoin is 100,000 US dollars (Rp1.6 billion)," said Hayes.

Furthermore, Hayes believes that the altseason period in which altcoins experience a significant price spike could start in the next few months if necessary market conditions are reached.

"Sh*tcoin has higher volatility compared to Bitcoin. However, in this cycle, Bitcoin and Ether get structural support through net inflows into exchange-traded funds (ETFs) listed in the US. Although Bitcoin and Ether have been corrected since April, both have been able to avoid the sharp decline experienced by the sh*tcoin market," Hayes said.

He also added: "Altseason will return only after Bitcoin and Ether make it to the 70,000 dollar level (Rp1.12 billion) and US$4,000 (Rp64 million). Solana is also expected to rise above US$250 (Rp4 million), although its impact on the overall crypto market will not be as big as Bitcoin and Ether, given the difference in market capitalization."

According to Hayes, the combination of a dollar-driven Bitcoin and Ether rally towards the end of the year will create a strong foundation for the revival of altcoins.

At the time of writing, Bitcoin was trading at 59,964 US dollars (Rp959 million), a slight increase in the last 24 hours. Meanwhile, Ethereum is trading at 2,673 US dollars (Rp42.77 million), relatively stable in the same period.