Crypto Market News: In the wake of the recent concerns around US regional banking crisis, the crypto market appears to have calmed down in what could be a correction after two spells of intense rallies since the beginning of 2023. The timely news of the US debt ceiling deal agreement might have prevented yet another wave of Bitcoin price jump. However, the real party for the crypto market is only yet to start later this year, according to Arthur Hayes, the CEO of cryptocurrency exchange BitMEX.
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The BitMEX CEO shared a detailed timeframe as to when exactly could the top cryptocurrency reach its peak in the year 2023. Earlier, Balaji Srinivasan, the former CTO of US based crypto exchange Coinbase, made sensational claims that Bitcoin could soon reach the $1 million mark owing to the US Dollar losing its status as the world’s reserve currency, only to lose the bet later on.
Hayes said right now is the time to be patient, be it with either Bitcoin price rally or the US Federal Reserve cutting interest rates. He said BTC price could really start picking up the bullish path towards October 2023. His theory is on the Bitcoin bull run based on increased dollar liquidity in the US economy in the coming months. This could potentially lead to wealthy asset holders buying risk assets like Gold, Bitcoin and AI tech stocks, he explained in his blog.
“The real Bitcoin bull market will begin in the late third and early fourth quarter of this year. I expect that Bitcoin will hold firm here. I do not believe we will retest $20,000 or come anywhere close.”
Hence, based on the prediction, BTC could likely traverse within the current range, roughly above the $23,000 level in the worst case. Also, crypto investors should keep in mind that the crucial Bitcoin halving event is set to happen before June 2024, and the six month countdown will coincide with Hayes’ prediction.
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