Arthur Hayes Predicts Bitcoin Retracement to $70,000-$75,000 Amid Trump Budget Uncertainty

In a recent statement, Arthur Hayes, co-founder of BitMEX, shared insights regarding the future trajectory of the cryptocurrency market. According to Hayes, the market is currently in a state of consolidation, indicating a potential pause in volatility. He emphasized that a critical factor will be the impending U.S. budget discussions, particularly concerning President Trump’s ability to navigate the complexities of fiscal policy within the Republican Party. Should Trump fail to secure an agreement that raises the debt ceiling and enhances governmental spending, it could trigger a significant downturn. Hayes suggested that prices may revert to pre-election benchmarks, potentially falling to the $70,000 to $75,000 range. This scenario underscores the intricate interplay between political developments and market performance, highlighting the importance of monitoring political maneuverings in the crypto space.