BTC Bottomed At $77,000? Hayes Thinks So

According to a recent X post by crypto entrepreneur Arthur Hayes, Bitcoin (BTC) probably hit its bottom during the plunge to $77,000 on March 10.

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According to a recent X post by crypto entrepreneur Arthur Hayes, Bitcoin (BTC) may have hit its bottom during the plunge to $77,000 on March 10. However, Hayes cautioned that while BTC may have bottomed, stock markets could face more pain ahead.

BTC Bottomed At $77,000? Hayes Thinks So

Former BitMEX CEO Arthur Hayes recently took to X to declare that BTC may have likely bottomed at $77,000. The acclaimed crypto market commentator referred to the US Federal Reserve’s (Fed) latest remarks signaling the end of quantitative tightening (QT).

Hayes remarked:

JAYPOW delivered, QT basically over Apr 1. The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE. Was BTC $77K the bottom, prob. But stonks prob have more pain left to fully convert Jay to team Trump so stay nimble and cashed up.

For the uninitiated, QT is one of the Fed’s monetary policies aimed at reducing the money supply by selling off assets like government bonds or letting them mature without reinvesting. While this helps control inflation, it can also lead to higher interest rates and slower economic growth.

The Fed began its most recent QT cycle nearly three years ago in June 2022 to combat high inflation resulting from COVID-era economic stimulus. Now that inflation appears to be easing, the Fed has little reason to continue QT.

Yesterday, the Fed announced that from April 1 onwards, it will slow the pace of its balance sheet drawdown. Such a shift in monetary policy is likely to benefit risk-on assets like BTC and stocks.

As stated in his X post, Hayes emphasized that the next potential bullish catalysts could be either a Supplementary Leverage Ratio (SLR) exemption or the start of quantitative easing (QE).

To explain, the SLR exemption temporarily allowed banks to exclude certain assets, like US Treasuries and central bank reserves, from their leverage calculations to encourage lending and support financial markets during crises. Similarly, QE is a monetary policy through which the Fed increases the money