No all-time high for Bitcoin in 2023, predicts former BitMEX chief Arthur Hayes

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During a recent podcast appearance, Arthur Hayes, the former head of BitMEX, made a sobering prediction about the largest cryptocurrency by market capitalization, Bitcoin (BTC).

Hayes thinks Bitcoin’s anticipated rise to an all-time high of $70,000 is unlikely to materialize this year, dampening the hopes of investors and traders. However, it points to a potentially bullish turn in 2024, driven by a significant event that could shape the trajectory of the markets.

Bitcoin rises to $70,000 to be delayed

During an episode of the What Bitcoin Did podcast, Hayes shared his views on the trajectory of Bitcoin prices. He indicated that the $70,000 milestone is not expected to occur in 2023.

Instead, Hayes suggests that the halving event predicted for the coming years will play a crucial role in determining the direction of the markets. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future.

The former BitMEX chief believes that the next halving in 2024, an event that halves Bitcoins block reward, will be a pivotal moment for the market. He suggests that the breakout of the $70,000 barrier is likely to occur during this time frame.

However, his long-term forecast raises concerns of an impending peak in 2025 or 2026, potentially signaling a significant societal event or turmoil he calls Armageddon. Hayes attributes this potential unrest to factors including excessive money printing and growing global discontent.

Hayes noted:

We will have this halving next year, 2024. I think it will be a good year. I don’t think we’re getting up to $70,000 this year. Next year is when we break through that barrier and we have the top 2025, 2026. And then it’s Armageddon.

BTC Latest Price Action

Meanwhile, Bitcoin has shown a possible brewing upside over the past week. The largest crypto asset by market capitalization jumped 4.3% last week. Over the past 24 hours, BTC has seen a gain of 2.8%.

Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

At the time of writing, Bitcoin is currently trading at $27,925 after trading slightly above $28,000 on Sunday. Bitcoin trading volume rose from $5 billion last Monday to $12 billion in the past 24 hours, indicating possible upward momentum. Furthermore, the market capitalization of assets has also seen a gain of over $20 billion in the last 7 days.

However, according to Hayes, the increased practice of quantitative easing, which involves pumping 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 rising geopolitical tensions and a lack of confidence, saying these factors form a powder keg that could trigger a period of immense volatility for Bitcoin. Hayes emphasizes the importance of navigating these uncertain times, both for those seeking financial stability and for the cryptocurrency market as a whole.

Featured image from Shutterstock, chart from TradingView

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