Arthur Hayes, the former CEO of BitMEX, has predicted that Bitcoin will enter a bull market in the late third and early fourth quarter of 2023. Hayes, who is now a cryptocurrency investor and trader, says that he expects Bitcoin to reach $100,000 by the end of 2023.
Hayes’ prediction is based on a number of factors, including:
- The increasing adoption of Bitcoin by institutional investors.
- The growing popularity of Bitcoin mining.
- The development of new Bitcoin-related technologies, such as Lightning Network and Taproot.
Hayes also says that the Bitcoin market is about to experience a “fireworks show” as the price of Bitcoin rises. He says that this will be due to the increased demand for Bitcoin from institutional investors and the growing popularity of Bitcoin mining.
Hayes’ prediction is bullish for the Bitcoin market. However, it is important to note that past performance is not indicative of future results.
The cryptocurrency market is volatile, and prices can fluctuate significantly in a short period of time. Investors should always do their own research before investing in any cryptocurrency.
Here are some additional details from Hayes’ essay:
- Hayes says that the Federal Reserve’s rate hike will likely lead to the Fed printing money to pay interest on reserve balances. This will increase liquidity in the system, which will lead to more money flowing into risk assets like Bitcoin.
- Hayes says that wealthy asset holders who received interest payments from the Fed are likely to buy risk assets with the proceeds. This will also lead to more money flowing into Bitcoin.
- Hayes says that the “fireworks and the real Bitcoin bull market will begin in the late third and early fourth quarter of this year.”
- Hayes says that he expects Bitcoin to hold firm at its current price level and that it will not retest $20,000.
- Hayes says that as money slowly trickles into the global risk asset markets, a strong base of support will form for Bitcoin.
- Hayes says that volatility and trading volumes always disappoint during the northern hemispheric summer months.
- Hayes says that he will use this time of calm to slowly increase his allocation to Bitcoin.
- Hayes says that as more and more pundits start talking about what is happening to the billions of dollars printed by the Fed and US Treasury and handed out as interest, it will become common knowledge once more that the money printer is going brrr.
- Hayes says that when the printer goes brrr, Bitcoin goes boom!
