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

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

In a current 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 traders and merchants. Nonetheless, he factors to a doubtlessly bullish flip in 2024, pushed by a major occasion that might 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 will not 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 course. 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, will probably be a pivotal second for the market. He means that crossing the $70,000 barrier will seemingly occur throughout that point.

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

Hayes famous:

We now have received this halving subsequent yr, 2024. I feel that’s gonna be yr. I don’t assume we rise up to $70,000 this yr. Subsequent yr is after we cross that barrier after which we get the blow-off prime 2025, 2026. After which it’s Armageddon.

BTC Newest Worth Motion

In the meantime, Bitcoin has proven a attainable brewing uptick previously week. The biggest crypto asset by market capitalization has surged 4.3% previously week. Over the previous 24 hours, BTC has seen a 2.8% achieve.

Bitcoin (BTC)’s worth transferring sideways on the 4-hour chart. Supply: BTC/USD on

On the time of writing, Bitcoin at present 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 previously 24 hours indicating a attainable upward momentum.  As well as, the asset’s market capitalization has additionally seen a greater than $20 billion achieve previously 7 days.

Nonetheless, according to Hayes, the elevated follow of quantitative easing, which entails injecting extra money into the economic system, has created a unstable scenario that might explode within the third and fourth quarters of this yr.

He warns of mounting geopolitical tensions and an absence of belief, asserting that these components kind a “tinderbox” that might set off a interval of immense volatility for Bitcoin. Hayes emphasizes the significance of navigating these unsure instances, each for people looking for monetary stability and for the cryptocurrency market as an entire.

Featured picture from Shutterstock, Chart from TradingView

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