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In a recent podcast appearance, Arthur Hayes, former head of BitMEX, made a dire prediction about the largest cryptocurrency by market capitalization, bitcoin (BTC).
Hayes believes that bitcoin’s anticipated climb to its all-time high of $70,000 is unlikely to materialize this year, lowering the expectations of investors and traders. However, he points to a possible uptrend in 2024, driven by a key event that could shape the trajectory of the market.
Bitcoin soared to $70,000 to be delayed
During an episode of ‘What Bitcoin Did’ podcast, Hayes shared his perspective on bitcoin’s price trajectory. He indicated that it is not expected to break the $70,000 milestone in 2023.
Instead, Hayes suggests that next year’s anticipated halving event will play a key role in determining the direction of the market. While the delay may frustrate some, he is optimistic about a possible breakthrough in the near future.
The former head of BitMEX believes that the upcoming 2024 halving, an event that sees bitcoin’s block reward halving, will be a pivotal moment for the market. He suggests that it will be possible to cross the $70,000 barrier during that time.
However, his long-term forecast raises concerns about an impending “blow-off top” in 2025 or 2026, potentially indicating a significant social event or upheaval that he calls “Armageddon”. Hayes attributes this potential upheaval to factors such as excessive money printing and growing global discontent.
Hayes noted:
We’ve got half of it next year, 2024. I think it’s going to be a good year. I don’t think we will reach $70,000 this year. Next year is when we cross that hurdle and then we peak in 2025, 2026. And then it’s Armageddon.
btc latest price action
Meanwhile, bitcoin has shown a potentially brewing rise over the past week. The largest crypto asset by market capitalization has gained 4.3% in the past week. In the last 24 hours, BTC has seen a gain of 2.8%.
At the time of writing, bitcoin is currently trading at $27,925 after trading slightly above $28,000 on Sunday. Bitcoin trading volume has increased from $5 billion last Monday to $12 billion in the last 24 hours, indicating a possible bull run. Furthermore, the market capitalization of the asset has also seen a gain of over $20 billion in the last 7 days.
However, aAccording to Hayes, the growing 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 warned of rising geopolitical tensions and a lack of trust, saying that these factors create a “tinderbox” that could trigger a period of extreme volatility for bitcoin. Hayes stresses 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
