Arthur Hayes, the co-founder and former CEO of BitMEX who now manages a family office named Maelstrom, said he expects bitcoin to rally back to $60,000, then range between $60,000 and $70,000 until August.

In a blog post early Friday, Hayes said the slow addition of billions of dollars of liquidity each month would dampen negative price movements going forward, reversing the common sentiment on the seasonality of markets by suggesting “buy in May, go away.”

Hayes argues that recent Federal Reserve and U.S. Treasury policy announcements are “stealth forms of money printing,” and while the crypto market won’t pick up on this immediately, he expects prices to “bottom, chop and begin a slow grind higher.”

Bitcoin fell to a low of $56,500 on Wednesday — a 23% drop from an all-time high of …