Arthur Hayes, the CIO at Maelstrom Fund, believes that the Bitcoin bull market cycle is still ongoing. He suggests that the worst-case scenario would be a retracement to the historical high of the previous cycle at $70K. However, Hayes is uncertain if Bitcoin prices will drop that low and expects a fall to around $80K to provide an opportunity for another entry. He advises traders to cautiously buy on dips, avoid leverage, and patiently wait for final fluctuations in the fiat financial markets. Fidelity Investments notes that we are now 28 months into the current crypto bull market and Bitcoin's price is up over 400% from its 2022 bear market lows. They state that crypto bull markets tend to run for just under 3 years before entering a new bear market. Hayes posits that the crypto market is still in a bull cycle and expects Bitcoin to break through $1 million as the global economy recovers. However, he warns that a global market adjustment could occur if the S&P 500 or Nasdaq 100 indexes drop significantly. This could result in Bitcoin falling below $80K or even retracing to $70K. Hayes considers adding more risk to his holdings but anticipates one more violent wave in Bitcoin's price action before consolidation. He doubts the implementation of a strategic Bitcoin reserve by the Trump administration and believes Trump will finance his policies through debt. Hayes suggests that Trump has other priorities besides Bitcoin, such as healthcare and defense spending.



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