Arthur Hayes: BTC will trigger an altcoin season only after breaking $70,000, and ETH after breaking $4,000

2024-08-13 08:57:36

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ChainCatcher news, BitMEX co-founder Arthur Hayes stated that the recovery of the altcoin market needs to wait for Bitcoin and Ethereum to break through key price levels. Although Bitcoin and Ethereum have seen some pullbacks since April, they have avoided a significant drop in the altcoin market due to the net inflows from ETFs listed in the U.S.

He predicts that the altcoin season will only reappear after Bitcoin breaks through $70,000 and Ethereum surpasses $4,000. Solana may break through $250, but its wealth effect on the overall crypto market is not as significant as that of Bitcoin and Ethereum.

He believes that the rise of Bitcoin and Ethereum driven by dollar liquidity before the end of the year will lay the foundation for the recovery of the altcoin market.

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