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.
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.
We have got this halving next year, 2024. I think thats gonna be a good year. I dont 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 its 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.
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