After his visit to Rapa Nui, commonly known as Easter Island, Arthur Hayes, the 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 $100,000.
In an unexpected turn, Hayes humorously hinted that the island’s ancestors might have provided him with a tip-off on the impending bull market that could lead to the explosion of the two crypto assets.
Arthur Hayes Bullish on Bitcoin
Despite lacking any known roots in Rapa Nui, he suggested that, according to his ancestral guidance, the bull market is now, and the digital asset industry is about to take a different turn after the prolonged crypto winter.
Whether Hayes genuinely believes in the soaring prospects of BTC and Ether or if he was playfully engaging with his followers on X, formerly Twitter remains unclear.
This summer I visited the ancestors in Rapa Nui and I asked them when the bull market would arrive?
They told me to be patient, read the words of the Lord, and I would know when to YOLO.
The time is now!$BTC = $1mm$ETH = $100k
— Arthur Hayes (@CryptoHayes) November 10, 2023
Before now, the former BitMEX CEO predicted that the BTC soaring to $1 million is possible after the United States Federal Reserve decided to halt interest rate hikes and maintain the rate within the levels of 5.25% to 5.5%.
Last month, Hayes made a similar forecast, noting that Bitcoin could reach from $750,000 to $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, we’re gonna have, I think, the largest bull market in stocks, real estate, crypto, art, you name it, that we’ve ever seen since WW2.”
In a detailed blog post providing extensive insights into how the crypto asset could attain 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:
- Selling debt to domestic entities
- Selling debt to foreigners
- Resorting to the central bank’s printing of money
Hayes believes this phenomenon will trigger the next bull market where the crypto asset could attain the predicted price.
BTC Could Reach $43 000 This Year
Meanwhile, with BTC currently hovering around $ 36,000 to $37,000 for the first time since 2022, veteran crypto trader and analyst Peter Brandt forecasted 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 sooner than the third quarter of 2024, following the upcoming halving in April. He also emphasized that the crypto market has surpassed cyclical lows as experienced last year during the collapse of crypto exchange FTX in November, during which BTC plummeted to $15,000.
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