Last month, Hayes made a similar forecast, noting that bitcoin could reach between $750,000 and $1 million by the end of the current decade.
Following his visit to Rapa Nui, commonly known as Easter Island, Arthur Hayes, co-founder and former CEO of leading crypto derivatives platform BitMEX, has once again predicted that bitcoin (btc) could reach $1 million, with ethereum (eth) soaring. to $100,000.
In an unexpected twist, Hayes humorously hinted that the island’s ancestors might have provided him with a heads-up about the impending bull market that could lead to the explosion of the two crypto assets.
Arthur Hayes is bullish on bitcoin
Despite lacking any known roots on Rapa Nui, he suggested that, according to his ancestral guide, the bull market is now and the digital asset industry is about to take a different turn after the prolonged crypto winter.
It is still unclear whether Hayes truly believes in the rising prospects of btc and Ether or whether he was jokingly interacting with his followers on X, pre-Twitter.
This summer I visited the ancestors on Rapa Nui and asked them when would the bull market come?
I was told to be patient, read the words of the Lord and I would know when to YOLO.
The time is now!$btc = $1mm$eth = $100 thousand
Yatezee bitches!!! pic.twitter.com/ufV9nthSDg
—Arthur Hayes (@CryptoHayes) November 10, 2023
So far, the former CEO of BitMEX predicted that btc is likely to skyrocket to $1 million after the US Federal Reserve decided to stop interest rate increases and keep the rate within 5 levels. .25% to 5.5%.
Last month, Hayes made a similar forecast, noting that bitcoin could reach between $750,000 and $1 million towards the end of the current decade, particularly in 2026.
“I absolutely agree that there is going to be a major financial crisis, probably as bad or worse than the Great Depression, sometime near the end of the decade; “Before we get there, I think we’ll have the biggest bull market in stocks, real estate, cryptocurrencies, art, you name it, that we’ve ever seen since World War II.”
in a detailed blog post Providing detailed information on how the crypto asset could reach such ambitious heights, the former BitMEX CEO introduced a concept known as “The Doom Loop.” According to him, this intricate phenomenon represents three fundamental actions undertaken by countries globally to finance their deficits:
- Sell debt to national entities
- Sell debt to foreigners.
- Resort to money printing by the central bank
Hayes believes that this phenomenon will trigger the next bull market in which the crypto asset could reach the expected price.
btc could reach $43,000 this year
Meanwhile, with btc currently hovering between $36,000 and $37,000 for the first time since 2022, veteran cryptocurrency trader and analyst Peter Brandt predicted that the crypto asset could reach $43,200 this year.
Brandt previously offered a long-term forecast for bitcoin, suggesting that the crypto asset would enter an active growth phase no earlier than the third quarter of 2024, following the next halving in April. He also emphasized that the cryptocurrency market has surpassed the cyclical lows experienced last year during the collapse of the FTX cryptocurrency exchange in November, during which btc plummeted to $15,000.
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