Bitcoin billionaire and former BitMEX CEO Arthur Hayes shared insights on Bitcoin’s recent performance and future outlook amidst a weekly decline in the cryptocurrency market.

Hayes remains cautiously optimistic as he believes the recent market downturn could signal a bottom. Despite the impact of recent U.S. monetary announcements on inflation, he anticipates that prices will stabilize and gradually increase over time.

Following a drop below $57,000 before a key Federal Reserve meeting, Bitcoin’s price has since stabilized and even climbed to $61,870, marking a 4.65% increase in the past 24 hours according to CoinMarketCap. This positive movement was spurred by news of U.S. jobs data and Fed Chair Jerome Powell’s decision to keep interest rates unchanged.

While Hayes remains optimistic about the market’s prospects, he has chosen not to increase his Bitcoin holdings at this time. Instead, he plans to explore opportunities in high-volatility assets such as Solana (SOL) and other alternative coins.

In addition to his market analysis, Hayes highlighted several U.S. economic measures that could impact the crypto market positively. These include the recent bailout of Republic First Bank and anticipated federal borrowing increases, which may lead to higher long-term bond rates and potential yield curve control measures by Treasury Secretary Janet Yellen.

Hayes remains bullish on Bitcoin’s long-term potential, with a bold prediction of a possible price ascent to $1 million in the future.

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