Bitcoin

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

In a latest podcast look, Arthur Hayes, the previous head of BitMEX, delivered a sobering prediction in regards to the largest cryptocurrency by market capitalization, Bitcoin (BTC).

Hayes believes that Bitcoin’s anticipated climb to an all-time excessive of $70,000 is unlikely to materialize this yr, dampening the hopes of buyers and merchants. Nevertheless, he factors to a probably bullish flip in 2024, pushed by a major occasion that would form the market’s trajectory.

Bitcoin Rise To $70,000 To Be Delayed

Throughout an episode of the ‘What Bitcoin Did’ podcast, Hayes shared his perspective on Bitcoin’s worth trajectory. He indicated that breaching the $70,000 milestone shouldn’t be anticipated to happen in 2023.

As a substitute, Hayes means that subsequent yr’s anticipated halving occasion will play a vital position in figuring out the market’s path. Whereas the delay could disappoint some, he stays optimistic a few potential breakthrough within the close to future.

The previous head of BitMEX believes that the upcoming 2024 halving, an occasion that slashes Bitcoin’s block reward in half, might be a pivotal second for the market. He means that crossing the $70,000 barrier will probably occur throughout that point.

Nevertheless, his long-term forecast raises considerations about an impending “blow-off high” in 2025 or 2026, probably signaling a major societal occasion or turmoil which he calls “Armageddon.” Hayes attributes this potential turmoil to components reminiscent of extreme cash printing and rising international discontent.

Hayes famous:

We have now obtained this halving subsequent yr, 2024. I feel that’s gonna be an excellent yr. I don’t suppose we stand up to $70,000 this yr. Subsequent yr is once we cross that barrier after which we get the blow-off high 2025, 2026. After which it’s Armageddon.

BTC Newest Worth Motion

In the meantime, Bitcoin has proven a potential brewing uptick prior to now week. The most important crypto asset by market capitalization has surged 4.3% prior to now week. Over the previous 24 hours, BTC has seen a 2.8% achieve.

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Bitcoin (BTC)’s price chart on TradingView
Bitcoin (BTC)’s worth shifting sideways on the 4-hour chart. Supply: BTC/USD on TradingView.com

On the time of writing, Bitcoin at the moment trades at $27,925 after barely buying and selling above $28,000 on Sunday. Bitcoin’s buying and selling quantity has surged from $5 billion final Monday to $12 billion prior to now 24 hours indicating a potential upward momentum.  As well as, the asset’s market capitalization has additionally seen a greater than $20 billion achieve prior to now 7 days.

Nevertheless, according to Hayes, the elevated apply of quantitative easing, which includes injecting more cash into the financial system, has created a risky state of affairs that would explode within the third and fourth quarters of this yr.

He warns of mounting geopolitical tensions and a scarcity of belief, asserting that these components kind a “tinderbox” that would set off a interval of immense volatility for Bitcoin. Hayes emphasizes the significance of navigating these unsure occasions, each for people searching for monetary stability and for the cryptocurrency market as a complete.

Featured picture from Shutterstock, Chart from TradingView

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