In a recent turn of events that has crypto enthusiasts buzzing, Arthur Hayes, co-founder of BitMEX, made a bold prediction, suggesting that Bitcoin could reach $70,000 in 2024.
Hayes’ prediction will be welcomed by Bitcoin investors around the world, who have seen the currency’s value display high levels of volatility in recent weeks.
Meanwhile, another cryptocurrency making headlines is Bitcoin Minetrix (BTCMTX), which has received significant support from whales and retail investors.
Arthur Hayes predicts $70,000 from Bitcoin after economic turmoil
In the wake of Hayes’ bold prediction, the cryptocurrency community has been analyzing his words for more insight.
His argument for Bitcoin reaching a value of $70,000 by the end of 2024 centers around several economic factors, focusing primarily on the “downward slope” in US Treasury yields.
In a recent Twitter threadHayes noted that long-term interest rates in the United States are rising more quickly than short-term interest rates.
He stresses that this indicates a potential flashpoint on the horizon, which may force financial institutions to take drastic action.
Hayes argues that banks, facing leverage and non-linear risks, will be forced to sell bonds, putting downward pressure on bond prices.
In response, Hayes expects massive liquidity injections from central authorities to stabilize the bond market – ultimately creating a catalyst for riskier asset classes like cryptocurrencies.
If Hayes’ predictions prove accurate, and the price of Bitcoin rises to $70,000 next year, that would represent a 153% increase from today’s price.
Bitcoin stuck as whale movements point to 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, after multiple attempts to break out of the $28,000 resistance area.
Additionally, the behavior of cryptowhales has been inconsistent, as the Material Indicators Twitter account reported Some classes of whales were purchased While others were sold.
Conflicting sentiment between different whale species has added an extra layer of complexity to the market, making it difficult for investors to determine Bitcoin’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 bullish on Bitcoin, the market appears to be waiting for more precise signals before entering a bullish or bearish phase.
Bitcoin Minetrix gains support from whales and influencers with pre-sale reaching $600k
As Bitcoin faces mixed signals, Bitcoin Maintrix (BTCMTX) It appears as a promising alternative supported by both whales and retail investors.
Thanks to the new “Stake-to-Mine” mechanism, the platform allows users to earn mining credits simply by holding or storing BTCMTX tokens.
These credits can be exchanged for BTC mining power, making the process accessible to ordinary investors.
Additionally, since Bitcoin Minetrix is hosted on the Ethereum blockchain, investors can stake their BTCMTX tokens Get an amazing return of up to 1,064% annually.
Bitcoin Minetrix is in the middle of a successful pre-sale, having raised over $600,000 and garnering notice from several cryptocurrency influencers.
YouTuber Connor Kenny, who has over 165,000 subscribers, Post a video analyzing the platform He expressed optimism about his future potential.
Kenny’s endorsement was backed up with a video from fellow YouTuber Crypto Zeus, who described BTCMTX as having “great potential.”“.
Bitcoin Minetrix’s unique approach to cloud mining is also turning heads within the crypto whale community.
Administrator of the Crypto Whale Pumps Telegram group with 25,000 subscribers, I invested a five-figure sum in the pre-saleciting the excellent 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 after the pre-sale ends.
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