No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts
29 Maio 2023 - 12:00PM
NEWSBTC
In a recent podcast appearance, Arthur Hayes, the former head of
BitMEX, delivered a sobering prediction about the largest
cryptocurrency by market capitalization, Bitcoin (BTC). Hayes
believes that Bitcoin’s anticipated climb to an all-time high of
$70,000 is unlikely to materialize this year, dampening the hopes
of investors and traders. However, he points to a potentially
bullish turn in 2024, driven by a significant event that could
shape the market’s trajectory. Bitcoin Rise To $70,000 To Be
Delayed During an episode of the ‘What Bitcoin Did’ podcast, Hayes
shared his perspective on Bitcoin’s price trajectory. He indicated
that breaching the $70,000 milestone is not expected to occur in
2023. Related Reading: The Best Decision Is To ‘Buy Bitcoin (BTC),’
Robert Kiyosaki Urges Instead, Hayes suggests that next year’s
anticipated halving event will play a crucial role in determining
the market’s direction. While the delay may disappoint some, he
remains optimistic about a potential breakthrough in the near
future. The former head of BitMEX believes that the upcoming 2024
halving, an event that slashes Bitcoin’s block reward in half, will
be a pivotal moment for the market. He suggests that crossing the
$70,000 barrier will likely happen during that time. However, his
long-term forecast raises concerns about an impending “blow-off
top” in 2025 or 2026, potentially signaling a significant societal
event or turmoil which he calls “Armageddon.” Hayes attributes this
potential turmoil to factors such as excessive money printing and
growing global discontent. Hayes noted: We have got this halving
next year, 2024. I think that’s gonna be a good year. I don’t think
we get up to $70,000 this year. Next year is when we cross that
barrier and then we get the blow-off top 2025, 2026. And then it’s
Armageddon. BTC Latest Price Action Meanwhile, Bitcoin has shown a
possible brewing uptick in the past week. The largest crypto asset
by market capitalization has surged 4.3% in the past week. Over the
past 24 hours, BTC has seen a 2.8% gain. At the time of writing,
Bitcoin currently trades at $27,925 after slightly trading above
$28,000 on Sunday. Bitcoin’s trading volume has surged from $5
billion last Monday to $12 billion in the past 24 hours indicating
a possible upward momentum. In addition, the asset’s market
capitalization has also seen a more than $20 billion gain in the
past 7 days. However, according to Hayes, the increased practice of
quantitative easing, which involves injecting more money into the
economy, has created a volatile situation that could explode in the
third and fourth quarters of this year. Related Reading: JPMorgan
Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why He warns of
mounting geopolitical tensions and a lack of trust, asserting that
these factors form a “tinderbox” that could trigger a period of
immense volatility for Bitcoin. Hayes emphasizes the importance of
navigating these uncertain times, both for individuals seeking
financial stability and for the cryptocurrency market as a whole.
Featured image from Shutterstock, Chart from TradingView
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