BitMEX Founder Arthur Hayes recently shared his thoughts on Bitcoin’s price as it approaches its halving event. Hayes raised concerns about whether Bitcoin can maintain its all-time high during this period.

In his forecast, Hayes anticipates a decline in BTC prices before and after the halving due to limited dollar liquidity, leading to increased selling pressure on crypto assets. He also predicts that after May 1, the quantitative tightening (QT) cycle will ease, aligning with U.S. inflation trends.

“The Bitcoin block reward is set to halve on April 20, which is viewed as a positive catalyst for the crypto markets. While I believe it will drive prices up in the medium term, there could be negative price action just before and after the event,” said Arthur Hayes.

As a result of these predictions, Hayes has chosen to refrain from trading until May, awaiting the Federal Reserve’s decision on potential changes to its QT program.

On April 8, Bitcoin surpassed $72,000 for the first time since mid-March, driven by the upcoming Bitcoin halving that will reduce the block reward from 6.25 BTC to 3.125 BTC.

Despite Hayes’ cautious outlook, other experts, like Skybridge Capital CEO Anthony Scaramucci, are more optimistic. Scaramucci believes that Bitcoin’s price could reach $170,000 in this bullish cycle and foresees Bitcoin’s market capitalization eventually surpassing that of gold.

For more insights, CoinGecko reports that Bitcoin has historically surged by an average of 3,230% after each halving event.

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