05.10.202317:07 Forex Analysis & Reviews: Arthur Hayes has come up with a new Bitcoin forecast

The cryptocurrency Bitcoin has tested the level of $25,211 and the range of $24,350 to $25,211, rebounding from both and starting an upward move, just as we predicted. We assumed that the cryptocurrency could rise to the Senkou Span B line on the 24-hour TF, and it happened, albeit with some delay. The first bounce from the specified range led to a $5,000 increase in the cryptocurrency within just a few days. The second bounce from this area resulted in a $2,500 increase. We believe that these numbers suggest the possibility of maintaining a correctional scenario. Moreover, breaking through the Ichimoku cloud hasn't happened yet. This means that the decline could resume in the coming days. However, overcoming the Senkou Span B line will allow Bitcoin to continue rising back to $31,000.

So far, Bitcoin has not been able to reach even $31,000, which it has tested twice before. The majority of industry experts continue to predict insane price figures for Bitcoin. One of the leading Bitcoin enthusiasts, Arthur Hayes, who was formerly the CEO of the cryptocurrency exchange BitMEX, has stated that by 2026, Bitcoin could be worth $1 million. In reality, such predictions are based on historical data. For example, once Bitcoin was worth $100, it increased to $10,000. That's a growth of 100 times, so now Bitcoin should also increase by a hundredfold. That's the basis for the $1 million forecast we have for 2023. Needless to say, going from $100 to $10,000 when you're just starting out and from $27,000 to $1,000,000.

Nevertheless, Mr. Hayes believes that the world will be hit by a new financial crisis (hello to Robert Kiyosaki, who has also been predicting the collapse of the global economy for several years), and the interest rates of the Federal Reserve and other central banks could drop to zero. The halving event just can't help but trigger a rise in the Bitcoin price. In principle, we can also now state that a financial crisis is imminent. Since crises happen every 10–15 years, predicting them is not that difficult.

In the 24-hour timeframe, Bitcoin bounced off the $25,211 level and tested the Senkou Span B line. At the moment, the cryptocurrency is leaning more towards returning to the range of $24,350–$25,211 than continuing to rise, and a bounce from the upper line of the Ichimoku cloud could trigger a resumption of the decline. We still believe that the likelihood of a drop in "digital gold" is much higher now. We recommend selling after breaking through the range of $24,350 to $25,211. The target is $19,607. Small sales are also possible on a bounce from the Senkou Span B line. Long positions can be considered in the case of a third bounce from $25,211 or a breakthrough above Senkou Span B with a target of $31,000.