Weekend Rally Ahead For Bitcoin?
Hayes explicitly , “Jaypow [Jerome Powell] and Bad Burl Yellen [Janet Yellen] will be printing money very soon. NYCB annc a ‘surprise’ loss driven by loan loss reserves rising 10x vs. estimates. Guess the banks ain’t fixed.” This comment underscores the persisting fragility of the banking sector, still reeling from the shocks of the 2023 banking crisis. He added, “10-yr and 2-yr yields plunged, signaling the market expects some sort of renewed bankster bailout to fix the rot.”
Why “Overbought” Bitcoin Could Trigger A 107% Rally
8 months agoHayes anticipates market turbulence leading to the Fed possibly reinstating the BTFP or introducing similar measures. In a recent statement, he noted, “If my forecast is correct, the market will bankrupt a few banks within that period, forcing the Fed into cutting rates and announcing the resumption of the BTFP.” This scenario, he argues, would create a liquidity injection that could buoy cryptocurrencies like Bitcoin.
Expect BTC to swoon a bit, but if NYCB and a few others dump into the weekend, expect a new bailout right quick. Then BTC off to the races just like March ’23 price action. […] I think it might be time to get back on the train fam. Maybe after a few US banks bite the dust this weekend.
During the March crisis, Bitcoin’s value jumped over 40%, a reaction attributed to its perceived role as a digital gold or a safe-haven asset amid financial instability. On a longer time horizon and with the Great Financial Crisis from 2008 in mind, he further argued, “What did the Fed and Treasury do last time US property prices plunged and bankrupted banks globally? Money Printer Go Brrrr. BTC = $1 million. Yachtzee.”
At press time, BTC traded at $42,232.
