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In a current podcast look, Arthur Hayes, the previous head of BitMEX, delivered a sobering prediction concerning the largest cryptocurrency by market capitalization, Bitcoin (BTC).

Hayes believes that Bitcoin’s anticipated climb to an all-time excessive of $70,000 is unlikely to materialize this yr, dampening the hopes of traders and merchants. However, he factors to a probably bullish flip in 2024, pushed by a big occasion that might form 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 value trajectory. He indicated that breaching the $70,000 milestone shouldn’t be anticipated to happen in 2023.

Instead, Hayes means that subsequent yr’s anticipated halving occasion will play an important function in figuring out the market’s route. While the delay might disappoint some, he stays optimistic a few potential breakthrough within the close to future.

The former head of BitMEX believes that the upcoming 2024 halving, an occasion that slashes Bitcoin’s block reward in half, shall be a pivotal second for the market. He means that crossing the $70,000 barrier will seemingly occur throughout that point.

However, his long-term forecast raises considerations about an impending “blow-off top” in 2025 or 2026, probably signaling a big societal occasion or turmoil which he calls “Armageddon.” Hayes attributes this potential turmoil to elements resembling extreme cash printing and rising world discontent.

Hayes famous:

We have gotten this halving subsequent yr, 2024. I believe that’s gonna be a very good yr. I don’t suppose we stand up to $70,000 this yr. Next yr is once we cross that barrier after which we get the blow-off high 2025, 2026. And then it’s Armageddon.

BTC Latest Price Action

Meanwhile, Bitcoin has proven a potential brewing uptick previously week. The largest crypto asset by market capitalization has surged 4.3% previously week. Over the previous 24 hours, BTC has seen a 2.8% acquire.

At the time of writing, Bitcoin at present trades at $27,925 after barely buying and selling above $28,000 on Sunday. Bitcoin’s buying and selling quantity has surged from $5 billion final Monday to $12 billion previously 24 hours indicating a potential upward momentum.  In addition, the asset’s market capitalization has additionally seen a greater than $20 billion acquire previously 7 days.

However, according to Hayes, the elevated apply of quantitative easing, which entails injecting more cash into the economic system, has created a unstable state of affairs that might explode within the third and fourth quarters of this yr.

He warns of mounting geopolitical tensions and a scarcity of belief, asserting that these elements type a “tinderbox” that might set off a interval of immense volatility for Bitcoin. Hayes emphasizes the significance of navigating these unsure instances, each for people searching for monetary stability and for the cryptocurrency market as an entire.

Featured picture from Shutterstock, Chart from TradingView