BitMEX co-founder Arthur Hayes has stated that Bitcoin (BTC) has been experiencing a bull run for approximately six months. However, he believes that the market has yet to fully respond to this upward trend.
Speaking at the Korea Blockchain Week, Hayes pointed out that the bull run began when the Federal Deposit Insurance Corporation took over Silicon Valley Bank in March. This period also saw the collapse of other prominent financial institutions, prompting the Federal Reserve to implement the Bank Term Funding Program to stabilize the US banking system.
Since then, Hayes noted that the price of Bitcoin has increased by at least 26%. He further speculated that it may take another six to 12 months for the market to fully react to the ongoing bull run.
Hayes also highlighted the growing preference for fixed-supply assets like Bitcoin, as traders become less concerned about the value of fiat currencies. Additionally, he suggested that regardless of the actions taken by central banks, Bitcoin is well-positioned to perform positively.
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