{"id":535529,"date":"2023-05-29T15:00:14","date_gmt":"2023-05-29T15:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=535529"},"modified":"2024-06-11T08:31:04","modified_gmt":"2024-06-11T08:31:04","slug":"no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts\/","title":{"rendered":"No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts"},"content":{"rendered":"

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). <\/span><\/p>\n

Hayes believes that Bitcoin’s 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’s trajectory.<\/span><\/p>\n

Bitcoin Rise To $70,000 To Be Delayed<\/h2>\n

During an episode of the ‘What Bitcoin Did’ podcast<\/a>, Hayes shared his perspective on Bitcoin’s price trajectory. He indicated that breaching the $70,000 milestone is not expected to occur in 2023.<\/span><\/p>\n

Related Reading: The Best Decision Is To \u2018Buy Bitcoin (BTC),\u2019 Robert Kiyosaki Urges<\/a><\/div>\n

Instead, Hayes suggests that next year’s anticipated halving event will play a crucial role in determining the market’s direction. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future. <\/span><\/p>\n

The former head of BitMEX believes that the upcoming 2024 halving<\/a>, an event that slashes Bitcoin’s block reward in half, will be a pivotal moment for the market. <\/span>He suggests that crossing the $70,000 barrier will likely happen during that time. <\/span><\/p>\n

However, his long-term forecast raises concerns about an impending “blow-off top” in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls “Armageddon.” Hayes attributes this potential turmoil to factors such as excessive money printing and growing global discontent.<\/span><\/p>\n

Hayes noted:<\/span><\/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.<\/span><\/p><\/blockquote>\n

BTC Latest Price Action<\/h2>\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.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, Bitcoin<\/a> currently trades at $27,925 after slightly trading above $28,000 on Sunday. Bitcoin’s trading volume has surged from $5 billion last Monday to $12 billion in the past 24 hours indicating a possible upward momentum.\u00a0 <\/span>In addition, the asset’s 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.<\/span><\/p>\n

Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here\u2019s Why<\/a><\/div>\n

He warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a “tinderbox” 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.<\/span><\/p>\n

Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

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). Hayes believes that Bitcoin’s 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’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 price trajectory. He indicated that breaching the $70,000 milestone is not expected to occur in 2023. Related Reading: The Best Decision Is To \u2018Buy Bitcoin (BTC),\u2019 Robert Kiyosaki Urges Instead, Hayes suggests that next year’s anticipated halving event will play a crucial role in determining the market’s direction. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future. The former head of BitMEX believes that the upcoming 2024 halving, an event that slashes Bitcoin’s 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. However, his long-term forecast raises concerns about an impending “blow-off top” in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls “Armageddon.” Hayes attributes this potential turmoil to factors such as excessive money printing and growing global discontent. Hayes noted: 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. BTC Latest Price Action 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. At the time of writing, Bitcoin currently trades at $27,925 after slightly trading above $28,000 on Sunday. Bitcoin’s 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’s market capitalization has also seen a more than $20 billion gain in the past 7 days. 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. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here\u2019s Why He warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a “tinderbox” 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. Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":515753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-535529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nNo All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts<\/title>\n<meta name=\"description\" content=\"Arthur Hayes, the former head of BitMEX, delivered a sobering prediction about the largest cryptocurrency by market cap, Bitcoin (BTC)...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts","url":"http:\/\/wncen.com\/news\/no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?fit=2048%2C1256"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-05-29T15:00:14Z","datePublished":"2023-05-29T15:00:14Z","dateModified":"2024-06-11T08:31:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/no-all-time-high-for-bitcoin-in-2023-former-bitmex-head-arthur-hayes-predicts\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin.jpg?fit=2048%2C1256\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-05-29T15:00:14Z\",\"datePublished\":\"2023-05-29T15:00:14Z\",\"dateModified\":\"2024-06-11T08:31:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?fit=2048%2C1256","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/535529"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=535529"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/535529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515753"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=535529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=535529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=535529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}