How high could the Bitcoin (BTC) price go? That’s the question BitMEX’s ex-CEO, Arthur Hayes, has tried to answer. And his estimate is rather optimistic.
A Bitcoin price that will explode by 2026?
Bitcoin (BTC) has had a positive month, with a rise of almost 8% over the last thirty days. And this trend could last, according to former BitMEX CEO Arthur Hayes. He estimates that the BTC price could reach $750,000 to $1 million by the year 2026. Interviewed by Tom Bilyeu on his YouTube channel, he explained the reasons for this optimism.
According to the former BitMEX CEO, there are several macroeconomic factors at play. The context of the financial crisis, and interest rates that have flattened, create favorable conditions for a net rise in the Bitcoin (BTC) price. The halving of Bitcoin could also play a role. The next one is predicted to take place around March and April 2023. And historically, the BTC price rises after mining rewards are reduced. According to the ex-CEO of BitMEX, halving could therefore in itself project Bitcoin’s price up to $70,000 by the end of 2024.
The possible approval of Bitcoin ETFs could also create a particularly favourable context. If they receive the green light from the Securities and Exchange Commission (SEC), the American financial watchdog, this would trigger several things. On the one hand, it could bring in a flood of institutional investors, giving them a new way to position themselves in BTC. And on the other, it would send a strong signal of confidence in the cryptocurrency.
A rather positive month for Bitcoin
The price of BTC has followed an upward trajectory over the past month. After a sharp fall in early September, it approached $28,600 at the very beginning of October. Since then, it has been in a range around $27,000 to $28,000:
But of course there’s still a long way to go before we reach the 750,000 announced by Arthur Hayes. It’s worth noting, however, that the opening of the Sam Bankman-Fried trial, and the scrutiny of the Dantesque FTX case, have apparently had no negative effect on the price of the largest cryptocurrency. Will crypto-assets then (finally) manage to regain investor confidence? The months to come will tell.