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). <\/p>\n
Hayes believes that Bitcoin\u2019s 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\u2019s trajectory.<\/p>\n
During an episode of the \u2018What Bitcoin Did\u2019 podcast<\/a>, Hayes shared his perspective on Bitcoin\u2019s price trajectory. He indicated that breaching the $70,000 milestone is not expected to occur in 2023.<\/p>\n Instead, Hayes suggests that next year\u2019s anticipated halving event will play a crucial role in determining the market\u2019s direction. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future. <\/p>\n The former head of BitMEX believes that the upcoming 2024 halving<\/a>, an event that slashes Bitcoin\u2019s 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. <\/p>\n However, his long-term forecast raises concerns about an impending \u201cblow-off top\u201d in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls \u201cArmageddon.\u201d Hayes attributes this potential turmoil to factors such as excessive money printing and growing global discontent.<\/p>\n Hayes noted:<\/p>\n We have got this halving next year, 2024. I think that\u2019s gonna be a good year. I don\u2019t 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 it\u2019s Armageddon.<\/p>\n 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.<\/p>\n At the time of writing, Bitcoin<\/a> currently trades at $27,925 after slightly trading above $28,000 on Sunday. Bitcoin\u2019s trading volume has surged from $5 billion last Monday to $12 billion in the past 24 hours indicating a possible upward momentum.\u00a0 In addition, the asset\u2019s market capitalization<\/a> has also seen a more than $20 billion gain in the past 7 days.<\/p>\n 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.<\/p>\n He warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a \u201ctinderbox\u201d 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.<\/p>\n Featured image from Shutterstock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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). <\/p>\n Hayes believes that Bitcoin\u2019s 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\u2019s trajectory.<\/p>\n During an episode of the \u2018What Bitcoin Did\u2019 podcast<\/a>, Hayes shared his perspective on Bitcoin\u2019s price trajectory. He indicated that breaching the $70,000 milestone is not expected to occur in 2023.<\/p>\n Instead, Hayes suggests that next year\u2019s anticipated halving event will play a crucial role in determining the market\u2019s direction. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future. <\/p>\n The former head of BitMEX believes that the upcoming 2024 halving<\/a>, an event that slashes Bitcoin\u2019s 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. <\/p>\n However, his long-term forecast raises concerns about an impending \u201cblow-off top\u201d in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls \u201cArmageddon.\u201d Hayes attributes this potential turmoil to factors such as excessive money printing and growing global discontent.<\/p>\n Hayes noted:<\/p>\n We have got this halving next year, 2024. I think that\u2019s gonna be a good year. I don\u2019t 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 it\u2019s Armageddon.<\/p>\n 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.<\/p>\n At the time of writing, Bitcoin<\/a> currently trades at $27,925 after slightly trading above $28,000 on Sunday. Bitcoin\u2019s trading volume has surged from $5 billion last Monday to $12 billion in the past 24 hours indicating a possible upward momentum.\u00a0 In addition, the asset\u2019s market capitalization<\/a> has also seen a more than $20 billion gain in the past 7 days.<\/p>\n 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.<\/p>\n He warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a \u201ctinderbox\u201d 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.<\/p>\n Featured image from Shutterstock, Chart from TradingView<\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24733","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24733"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24733\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24733"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC Latest Price Action<\/h2>\n
Bitcoin Rise To $70,000 To Be Delayed<\/h2>\n
BTC Latest Price Action<\/h2>\n