Arthur Hayes Sees $60k – $70k Range Until August

The following is an excerpt from Arthur Hayes blog post “MayDay” 

Buy in May, Go Away!

The slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out. 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. 

As the northern-hemispheric summer kicks into full gear, crypto muppets will be out enjoying being pre-rich at all the usual hot spots. I see you at DC10, Scorpios, Chiltern … I see you playa. I certainly won’t be babysitting Bitcoin when I could be two-stepping. The recent intense puke out provides an excellent opportunity to unstake my USDe and spend synthetic dollars on high beta shitcoins. 

I’m buying Solana and doggie coins for momentum trading positions. For longer-term shitcoin positions, I’m upping my allocations in Pendle* and will identify other tokens that are “on sale.” I will use the rest of May to increase my exposure. And then it’s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.

China is not to be forgotten. The CNY will be devalued, but it won’t be against USD; rather, it will be against gold and Bitcoin. I will explain this theory in an in-depth essay later this summer. 

For those of you who need bullet points on my predictions, here you go:

1. Did Bitcoin hit a local low at around $58,600 earlier this week? Yes

2. What is your price prediction? A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.

3. Are the recent Fed and Treasury policy announcements stealth forms of money printing? Yes.

Yachtzee!!