Bitcoin's Price Outlook: Forecasts, Reversal Patterns, and Potential Earthquakes
TL;DR Summary
Arthur Hayes, a prominent crypto trader, forecasts a 30% short-term decline in Bitcoin's price, attributing it to the potential non-renewal of the Bank Term Funding Program (BTFP) and the correlation between Bitcoin's peak and the US treasury yield. He expects the price to decrease until the BTFP decision is disclosed, with a subsequent reversal in the trend post-announcement. Hayes also provides optimistic long-term projections, anticipating Bitcoin to reach $70,000 by the end of 2024 and a range from $750,000 to $1 million by 2026.
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