Former BitMEX Head Arthur Hayes Predicts Delay in Bitcoin’s Rise to $70,000
In a recent appearance on the ‘What Bitcoin Did’ podcast, former BitMEX CEO Arthur Hayes shared his thoughts on the future of Bitcoin (BTC). According to him, investors and traders should not expect BTC to reach an all-time high of $70,000 this year. Instead, he believes that a significant event in 2024 could be responsible for driving up prices.
Hayes predicts that next year’s halving event will play a crucial role in determining the market’s direction. While some may find it disappointing that they have to wait longer for their investments to pay off, he remains optimistic about a potential breakthrough happening soon after.
The former head of BitMEX suggests that crossing the $70,000 barrier is more likely during the upcoming 2024 halving – an event where Bitcoin’s block reward gets cut by half. However, his long-term forecast raises concerns about an impending “blow-off top” between 2025-26 which signals societal turmoil or significant events such as “Armageddon.” He attributes these factors primarily due to excessive money printing and growing global discontent.
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 $70k this year. Next year is when we cross that barrier and then we get the blow-off top 2025-26. And then it’s Armageddon -Arthur Hayes
BTC Latest Price Action
Bitcoin has shown signs of possible upward momentum over the past week with its price surging by 4.3%. Over the last day alone (at time of writing), BTC has seen a gain of 2.8%. Currently, Bitcoin trades at $27,925 after slightly tradingSponsored Product above $28,000 on Sunday.
Bitcoin’s tradingSponsored Product volume has surged from $5 billion last Monday to $12 billion in the past 24 hours indicating possible upward momentum. Additionally, its market capitalization has also gained more than $20 billion over the past seven days.
Possible Volatility Ahead
Despite these positive signs for BTC’s price action and future prospects, Hayes warns that increasing quantitative easing practices could create a volatile situation that may explode in Q3 or Q4 this year. He cites mounting geopolitical tensions and lack of trust as factors forming a “tinderbox” that could trigger immense volatility for Bitcoin.
Hayes emphasizes the importance of navigating through such uncertain times both for individuals seeking financial stability and for the cryptocurrency market as a whole.
Conclusion
In conclusion, Arthur Hayes predicts delays in Bitcoin reaching an all-time high of $70k this year but remains optimistic about potential breakthroughs happening soon after next year’s halving event which he believes will be pivotal for driving up prices towards crossing this barrier by then.
However, his long-term forecast raises concerns about impending societal turmoil between 2025-26 due to factors such as excessive money printing and growing global discontent.
Despite the positive signs of Bitcoin’s price action over the past week, Hayes warns that increasing quantitative easing practices could create a volatile situation in Q3 or Q4 this year.
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