In a recent turn of events that has crypto enthusiasts buzzing, BitMEX co-founder Arthur Hayes has made a bold prediction, stating that Bitcoin could hit $70,000 in 2024.
Hayes’ prediction will be welcomed by Bitcoin investors worldwide, who have seen the coin’s value showcase high levels of volatility in recent weeks.
Meanwhile, another cryptocurrency making headlines is Bitcoin Minetrix (BTCMTX), which has garnered significant backing from whales and retail investors.
Arthur Hayes Forecasts $70k Bitcoin Following Economic Upheaval
In the wake of Hayes’ bold prediction, the crypto community has dissected his words to glean further insight.
His argument for Bitcoin reaching a valuation of $70,000 by the end of 2024 centers around several economic factors, mainly focusing on the “bear steepener” in US Treasury yields.
In a recent Twitter thread, Hayes pointed out that long-term interest rates in the US are rising more quickly than short-term ones.
He contends that this signals a potential flashpoint on the horizon, which could force aggressive measures from financial institutions.
Hayes argues that banks, facing leverages and non-linear risks, would be forced to sell bonds, putting downward pressure on bond prices.
In response, Hayes anticipates enormous injections of liquidity from central authorities to stabilize the bond market – which is ultimately a catalyst for riskier asset classes like cryptocurrency.
If Hayes’s prediction proves accurate, and Bitcoin does soar to $70,000 in the coming year, it would represent a 153% increase from today’s price.
Bitcoin Stuck as Whale Movements Hint At Overwhelming Uncertainty
Although Arthur Hayes predicts a bullish future for Bitcoin, the current market sentiment is more cautious.
Bitcoin is currently hovering around the $27,600 level, following multiple attempts to break above the resistance zone at $28,000.
Additionally, crypto whale behavior has been inconsistent, with the Material Indicators Twitter account posting that some classes of whales have been buying while others have been selling.
The conflicting sentiment between different whale types has added an extra layer of complexity to the market, making it challenging for investors to determine BTC’s short-term direction.
BTC is also trapped in a range between the 20-day and 50-day Exponential Moving Averages (EMAs) on the 4-hour chart, indicating a lack of decisive momentum.
While Hayes is optimistic about Bitcoin, the market appears to be awaiting more precise signals before entering a bullish or bearish phase.
Bitcoin Minetrix Garners Whale & Influencer Backing as Presale Reaches $600k Milestone
While Bitcoin struggles with mixed signals, Bitcoin Minetrix (BTCMTX) is emerging as a promising alternative backed by both whales and retail investors.
With its novel “Stake-to-Mine” mechanism, the platform allows users to earn mining credits simply by holding or staking BTCMTX tokens.
These credits can be exchanged for BTC mining power – making the process accessible to everyday investors.
Additionally, since Bitcoin Minetrix is hosted on the Ethereum blockchain, investors can stake their BTCMTX tokens to earn a jaw-dropping yield of 1,064% annually.
Bitcoin Minetrix is in the middle of a successful presale phase, raising over $600,000 and gained notice from various crypto influencers.
YouTuber Connor Kenny, who has over 165,000 subscribers, posted a video analyzing the platform and expressed optimism about its future potential.
Kenny’s endorsement was backed up by a video from fellow YouTuber Crypto Zeus, who described BTCMTX as having “big potential.”
Bitcoin Minetrix’s unique approach to cloud mining is also turning heads within the crypto whale community.
The admin of the Crypto Whale Pumps Telegram group, which boasts 25,000 subscribers, has invested a five-figure sum in the presale, citing the stellar performance of similar staking tokens as a motivating factor.
Given all these factors, traders and investors will be keen to see how BTCMTX performs once the token is listed on major exchanges following the presale’s conclusion.
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