Bitcoin Poised for Bullish Breakout, Says Crypto Veteran
Arthur Hayes, co-founder of BitMEX, believes Bitcoin could be on the verge of a significant price surge. Despite modest gains, the leading cryptocurrency climbed above $83,000 on April 11, according to Crypto.news data.
Though, Bitcoin’s upward movement was met with mixed reactions from the broader market. Stocks fluctuated due to ongoing tariff concerns, creating a volatile environment. Despite this, Hayes remains optimistic about Bitcoin’s future.
Hayes shared his bullish outlook on X, pointing to the rising U.S. 10-year Treasury yield. With the US10YR exceeding 4.5%, he suggested a potential policy response from Washington could be imminent.this response, possibly coming as early as the weekend, could push Bitcoin into an “up only mode.”
Trade tensions between China and the U.S. continue to be a major concern. China recently imposed retaliatory tariffs of up to 125% on U.S. imports, in response to the White House’s 145% tariff hikes. Analyst Scott Melker noted that yields and China are the primary downside risks for risk assets.
- Bitcoin hit $83,200 across major exchanges.
- Hayes sees a potential policy response from washington.
- Trade tensions between China and the U.S.persist.
Many experts agree that the rising yields indicate a systemic issue. even key U.S. inflation data failed to considerably impact the markets. BlackRock CEO Larry Fink told CNBC that the U.S.might already be in a recession, adding to the uncertainty.
At 12:20 ET on April 11, Bitcoin was trading around $82,346. the market’s response to thes factors will be closely watched in the coming days.
