Arthur Hayes, co-founder of BitMEX and a well-known figure in the crypto community, has made headlines with a bold prediction for Bitcoin (BTC).

Hayes, recognized for his unique views of the crypto space, shared his thoughts on Bitcoin’s potential trajectory in light of the current financial challenges the New York Community Bank (NYCB) faces.

NYCB, grappling with significant financial troubles, was reported by Bloomberg as having its credit rating downgraded to “junk” by Moody’s.

Hayes interprets the bank’s struggle and the broader banking sector’s difficulties as indicators of systemic issues in traditional banking. He posits that these challenges could lead to greater reliance on cryptocurrencies like Bitcoin.

The Road To $1 Million: A Bitcoin Rally Postulated

Hayes’s perspective is shaped by the view that the conventional banking model is facing sustainability issues. He argues that to address these challenges, the US Federal Reserve could print more money, leading to a deeper financial crisis.

In such a scenario, Hayes believes Bitcoin is a viable alternative, offering a degree of insulation from traditional banking sector problems. This outlook is not new to Hayes, who has consistently advocated for Bitcoin as a hedge against the instability of traditional financial systems.

Oh baby …

From junk to bankrupt, that’s the future.

And then more money printer go brrrr$BTC = $1mm pic.twitter.com/6Ia00GWYa5

— Arthur Hayes (@CryptoHayes) February 7, 2024

Delving deeper into his prediction, Arthur Hayes envisions a scenario where Bitcoin could soar to $1 million. This prediction is not unique to Hayes, as other prominent crypto figures, including Samson Mow, CEO of Jan3, share similar views.

Mow has even recently expressed confidence that Bitcoin could rapidly ascend to $1 million, potentially within days or weeks. However, he acknowledges that the exact starting point for this surge is yet to be determined.

Hayes’s recent commentary aligns with his previous analyses. In a Medium post, the BitMEX Co-Founder drew parallels between Bitcoin’s performance during the March 2023 banking crisis and its potential future trajectory.

Hayes suggested that similar to the 40% increase experienced during the previous banking crisis, Bitcoin could witness a significant rally following the current challenges.

Halving Events: Catalysts For Bitcoin’s Value Surge

The conversation around Bitcoin’s potential price surge is linked to its halving events. Occurring approximately every four years, these events halve the reward for mining new Bitcoin blocks, reducing the rate at which new BTCs are created.

The next Bitcoin halving, scheduled for April this year, will decrease the daily production of Bitcoin from 900 to 450 coins. Historically, these supply reductions have led to significant price movements in Bitcoin’s value, lending credence to predictions of substantial future price increases.

While enthusiasts like Hayes and Mow are bullish about Bitcoin’s prospects of $1 million, there are voices of caution in the crypto community. Tuur Demeester, another Bitcoin evangelist, has recently expressed skepticism regarding Bitcoin’s ability to reach the $1 million mark by 2028, the next Bitcoin halving after this year.

In response to a graph shared by investor Fred Krueger, which projected Bitcoin to reach $1 million by 2028, Demeester acknowledged the unpredictable nature of markets and their potential to defy even well-constructed models.

Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (as is this one ) is destined to be broken by Mr. Market. https://t.co/GcmhfL2C16

— Tuur Demeester (@TuurDemeester) February 2, 2024

Featured image from Unsplash, Chart from TradingView

The post BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil appeared first on CryptoSens.

Bitcoin advocate and CEO of Jan3, Samson Mow, has pinpointed a range of macroeconomic indicators that could signal an impending rally for Bitcoin. Mow focuses on exchange-traded inflows (ETF), Bitcoin’s Hashrate, and whale activity on prominent exchanges like Bitfinex.

The Jan3 CEO also mentioned the 200-week moving average (WMA) in forecasting Bitcoin’s trajectory. The recent data shared by Cypherpunk on X highlighting significant whale accumulation on Bitfinex further supports Mow’s Bitfinex whale indicator, suggesting an increased interest from large-scale investors in the flagship crypto.

This is some great alpha from @Excellion. You can see for yourself that the whales on #Bitfinex are accumulating #Bitcoin. Decide what you want to do with that information. https://t.co/IHjrqUvrDn pic.twitter.com/FS518AIYoz

— CYPHERPUNK (@cypherpunkstore) January 29, 2024

Broader Economic Indicators

Mow also looks beyond the crypto-specific data, considering global economic factors like Tether’s USDT Assets Under Management, government debt payments, and Debt-to-GDP ratios. The Bitcoin advocate believes these factors, along with nation-state adoption of Bitcoin, real inflation rates, and M3 money supply, could profoundly impact Bitcoin’s performance.

These are the #Bitcoin macro indicators I’m looking at:

ETF inflows
Hashrate
Finex whale accumulation
200 WMA trend
Tether USDt AUM
Govt interest payments on debt
Debt GDP ratios
Nation-state Bitcoin adoption
Real inflation
M3 money

— Samson Mow (@Excellion) January 28, 2024

Notably, Samson Mow has remained steadfast in his ambitious prediction for BTC, maintaining a $1 million price target for the crypto. Mow recently cautioned about the potential ‘max pain‘ accompanying a rapid ascent of Bitcoin to this monumental valuation.

Furthermore, Mow has recently suggested that this significant price milestone could materialize relatively quickly, possibly within days or weeks. However, according to the Jan3 CEO, the starting point for this potential surge is “TBD” (to be disclosed).

My main prediction is the run up to $1M happens in days to weeks. Starting point TBD.

— Samson Mow (@Excellion) January 14, 2024

Bitcoin Latest Trajectory And Prediction

Despite a recent dip below $39,000 last week, BTC has shown a slight increase, with an uptick bringing its price above $42,000. This recovery, though slight, aligns with the optimistic predictions of various analysts and experts, including Samson Mow.

SkyBridge Capital’s founder, Anthony Scaramucci, has also joined the chorus with an optimistic prediction for Bitcoin. Scaramucci’s analysis suggests a potential 300% increase in Bitcoin’s value post-halving, with a long-term price target of $400,000.

His estimates, based on historical data and market trends, indicate that the peak bullish period for BTC could be about 18 months after the halving event. These predictions are further supported by the recent developments in Bitcoin ETFs, including the filing of the first-ever Bitcoin spot ETF in Hong Kong, indicating a growing institutional interest in BTC.

Featured image from Unsplash, Chart from TradingView

The post Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally? appeared first on CryptoSens.

The ongoing saga of the Mt. Gox exchange casts a shadow over the Bitcoin community, even years after its dramatic collapse. Recent developments have stirred the pot again, with Mt. Gox reaching out to former users to confirm ownership of accounts linked to Bitcoin payments.

This move comes amid ongoing efforts to compensate creditors, primarily in Japanese yen, through their PayPal accounts. With the repayment process expected to continue this year, the crypto community remains on edge regarding the implications of releasing Mt. Gox’s substantial Bitcoin holdings, amounting to 142,000 BTC and 143,000 BCH, in addition to 69 billion yen.

Expert Optimistic Take On Gox Coin Release

Amid the swirling rumors and speculation, renowned Bitcoin advocate and CEO of Jan3, Samson Mow, has stepped forward to offer his perspective, seeking to alleviate concerns regarding the potential market impact of unlocking “Gox coins.”

Mow believes creditors’ long wait has cultivated resilience to prevent a sudden, mass sell-off of these assets. According to Mow, even if some creditors decide to sell, the market is well-equipped to “absorb” the impact without significant disruption.

Gox coins unlocking isn’t really a factor. Creditors having to force HODL for a decade aren’t likely to sell soon. What about buyers of claims? They may have sought fiat gains initially, but had a front row seat to #Bitcoin NgU and should now be thinking “sell for gains in what?”

— Samson Mow (@Excellion) January 24, 2024

This view was echoed in response to a user named Spoonman on X, who suggested that around half of the creditors might be inclined to sell. Mow confidently stated that such selling would not co-occur, reinforcing his belief that the market can handle the situation smoothly.

Even if some sell, they aren’t going to do it all at once. Market can absorb it all easily regardless.

— Samson Mow (@Excellion) January 24, 2024

Bitcoin Unexpected Reversal

Interestingly, the Bitcoin market has recently shown signs of recovery, defying some analysts’ expectations of a continued downturn. At present, Bitcoin is experiencing a 3% increase over the past 24 hours, with its trading price hovering above $40,000

However, it’s important to note that this uptick follows a significant decline, with Bitcoin down by 5.7% over the past week and over 10% in recent weeks.

This modest recovery contradicts the bearish forecast presented by Bitfinex in their latest Alpha Report, which anticipated further market downturns. Bitfinex analysts pointed out the vulnerability of Bitcoin’s price due to the reduced profitability of short-term holders.

According to the analyst, this group of investors’ potential reaction to the market conditions could lead to critical support levels being tested at around “$38,000 and $36,000,” as per the report.

However, contrary to prediction, Bitcoin has surged slightly far away from these highlighted support zones. For context, the asset currently trades for $40,037 at the time of writing.

Featured image from Unsplash, Chart from TradingView

The post Expert Calms Mt. Gox Bitcoin Liquidation Worries, Says “Creditors Aren’t Likely To Sell Soon” appeared first on CryptoSens.