🚀 Arthur Hayes, co-founder of BitMEX, says that the price of $BTC can reach 70 thousand dollars.
Previously, Hayes held a short-term bearish position on Bitcoin. He predicted a market correction after $BTC reached $35,000. However, he has now changed his mind and expects Bitcoin to reach a new all-time high by the end of the year.
He says that in March 2023, he expected the price of Bitcoin to reach $40,000. After that, there was a short market correction, and the price fell to $38,000. He expected the market to see a sharper drop, but now recognizes that Bitcoin seems to be on the right track.
“I am definitely bullish for the rest of the year. I think Bitcoin is going to hit the all-time of $70,000 by the end of the year.” he said.
After the approval of the spot ETF, Bitcoin has many optimistic forecasts for this year.
However, in addition to Bitcoin itself, Hayes also touched on the state of banks around the world. Hayes believes that another financial crisis could be on the way because of the real estate sector. Many banks have access to the real estate sector through loans, and when the sector faces problems, banks accumulate losses.
Just last month, Hayes turned to X to solve the problem of New York Community Bank (NYCB), which reported significant losses. According to him, a bailout of these banks seems to be coming. He believes that this possible financial crisis will lead to an increase in the price of bitcoin as investors will seek safe havens.
This is quite ironic, as Bitcoin itself was created after the 2008 financial crisis, and its creator criticized the bank bailouts.
