As the cryptocurrency market gains momentum, traders are on the lookout for new opportunities. One name drawing attention is former Bitmex CEO Arthur Hayes, whose recent trading activity has caught the eye. After selling off his long-held PENDLE Coin at a loss, Hayes is now filling his portfolio with two altcoins.
Arthur Hayes Adds Two Altcoins to His Portfolio
As reported by The Bit Journal, the market is beginning to show signs of a new bull run. Bitcoin continues to demonstrate strength above the $65,000 mark, and the altcoin market is signaling the start of a new season. In this context, traders and investors are gearing up for fresh purchases. Arthur Hayes, known for his sharp market moves, has now turned his attention to ATH. The on-chain analytics platform Lookonchain revealed:
“Arthur Hayes (CryptoHayes) bought 23.48 million ATH (worth $1.5 million) just one hour ago. Since August 15, he has accumulated a total of 116.63 million ATH (worth $7.5 million) at an average price of $0.0645.”
Arthur Hayes (@CryptoHayes) bought another 23.48M $ATH($1.5M) 1 hour ago.
Since August 15, he has bought a total of 116.63M $ATH($7.5M), with an average buying price of $0.0645.https://t.co/NzIsA4bhJL pic.twitter.com/TN5X4hc9yx
— Lookonchain (@lookonchain) September 27, 2024
In addition to ATH, Hayes has shown interest in a meme coin. According to Lookonchain, Hayes is also accumulating PEPE:
“Arthur Hayes (CryptoHayes) is calling for meme coins like MOTHER, MOG, and PEPE! On-chain data shows he withdrew 24.39 billion PEPE (worth $252.68K) from Binance just 20 minutes ago.”
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Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE!
On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago.
Address:
0x6cd66dbdfe289ab83d7311b668ada83a12447e21 pic.twitter.com/MC9ZPF2Eg4
— Lookonchain (@lookonchain) September 27, 2024
What’s Next for PEPE: A Reaccumulation Phase?
Currently, PEPE is climbing with exciting price targets ahead. Analysts note that the first stage is accumulation within an inverse head-and-shoulders formation, which typically signals a bullish reversal. After this phase, PEPE is expected to see a significant rally. Following the initial surge, the altcoin will likely enter a reaccumulation phase within a symmetrical triangle. This chart pattern typically indicates a consolidation period, where buyers and sellers reach equilibrium before the next move.
#PEPE is printing a textbook cycle structure🧐
Accumulation inside Inverse Head & Shoulders → Rally → Re-Accumulation inside a Symmetrical Triangle
And now I am looking for the final rally🚀 which teleport us into the next phase → Distribution
🎯short-term target -… pic.twitter.com/NLx1ZEdd0E
— Alex Clay (@cryptclay) September 26, 2024
Each of these targets is a key level that investors should closely monitor. Whether PEPE reaches them will depend on market conditions and investor sentiment. PEPE’s market cycle provides valuable insights for investors, and the rally following the accumulation phase shows strong potential. The symmetrical triangle reaccumulation could guide PEPE’s next steps. However, it’s important for investors to remember that analysts’ targets are predictions. As always, conducting thorough research before investing is crucial.
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