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- 1 Former Bitmex CEO discusses 2023’s volatility in the cryptocurrency market.
- 2 He expects Bitcoin to rise beyond 2024.
Arthur Hayes, a former CEO of BitMEX, predicts that Bitcoin will see severe volatility and that as a result. it will not likely set a new record this year.
According to former Bitmex CEO Arthur Hayes, in the second half of the year, there will likely be a lot of volatility in Bitcoin due to the “powder keg” explosion of the US financial crisis and the rising national debt. Hayes now manages a family business called Maelstrom and predicts that Bitcoin will not reach new highs this year, but he thinks it will rise from 2024 onwards.
According to Hayes, a crucial event will be the halving of Bitcoin in 2024. “I don’t think we reach $70,000 this year; I think we cross that threshold in the following year, then we hit the blowoff top in 2025 or 2026, and then Armageddon,” Hayes stated on a podcast.
Regarding his remark about Armageddon, he clarified that he’s talking about more of a cultural transformation, like a significant war. He named societal unrest and quantitative easing as two variables that may cause such an incident.
We simply have this scenario, this tinderbox of too much money, a little trust, and people trying to scrape by, Hayes said. “It doesn’t have to be too straightforward,” he said. Bitcoin would also decrease in this circumstance, he continued.
U.S. Debt Ceiling May Cause Financial Disruption
Hayes responded to a question concerning the debt limit of the United States by saying that the issue would be handled after the typical back and forth. On the other hand, he suggested that the timing of it may produce ripples in the market, asserting that events that upset financial markets often take place in the autumn.
He said, “With the banking crisis — and you have the federal government issuing trillions of dollars of debt because they need to fund themselves — you’re basically putting this powder keg together of a situation that’s going to be exploding in the third quarter or the fourth quarter of this year, and that’s why ultimately I think it could be quite good for bitcoin. ” He predicted that both the upside and the downside would have a high degree of volatility.
Various Analysts on Price of the Bitcoin
The opinions of other experts about the short-term price of Bitcoin are generally favorable. The head of market research at the cryptocurrency exchange Swyftx, Tommy Honan, told Bloomberg that it’s likely that the relief of a debt settlement “will prompt the next significant leg-up in the price of Bitcoin and bring traders back to the table.”
According to a May 24 Barron’s story, JPMorgan analysts allegedly said last week that the current gold price may indicate a Bitcoin price of $45,000. The researchers believed that the anticipated halving of Bitcoin would support this probable price prediction. However, they also believed that the assault on cryptocurrencies by American regulators and the fallout from the FTX crash would “constrain any potential upside.”
Hayes Revealing His Personal Investment Strategies
It is interesting to note that Hayes also discussed some of his own individual investing tactics, saying that he was considering staking ETH and was carefully monitoring the evolution of Bitcoin Ordinals. Additionally, he disclosed his investment in Pepe (PEPE), a frog-themed memecoin that became public on April 14 and subsequently increased in value by more than 5,000%.
Hayes is renowned for generating irrational price forecasts. He had predicted that the price of Bitcoin may fall by 57% from $7,000 to $3,000 in April 2020. However, Bitcoin remained stable and increased by 28% to $9,000 during the next three months.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
