Bitcoin price has managed to stay above the $25k mark for months now, and a lot of people seem to be harboring a lot of hope for the future. That’s despite the fact that the price seems to be currently moving within a very slim margin spanning a few hundred dollars.
Positive Vibes Everywhere
As a matter of fact, the coin has seen some very positive price projections coming from a lot of high profile crypto players, including the most recent statement by Arthur Hayes. Hayes is the founder of crypto exchange BitMEX.
According to Arthur Hayes, Bitcoin price is headed for the high places in the near future. While other players see BTC at $150k to $300k in the next few years, Hayes sees it at above the $750k mark by 2026. He caps the highest target at $1 million. It’s worth noting that this particular time period will be right in the middle of the next Bitcoin market cycle.
Arthur Hayes says,
“I think it will be the biggest boom in financial markets we have ever seen in human history.”
Bitcoin will undergo a network reward halving in early 2024. Many analysts opine that a Bitcoin bull run typically happens about a year after the halving event, after which it retraces and starts consolidating at lower levels than the then-established ATH.
What Does This Mean For Bitcoin Price?
If Hayes’ projection is to be seriously considered, it means that Bitcoin price will have hit a much higher level than his given figures during the bull run in late 2025. It’s understandable that some might see such a scenario as overly optimistic or even outrageous. However, it’s not utterly impossible, especially given the current developments in mass adoption of Bitcoin and large institutions venturing into the Bitcoin ETF market.
In this case, it’s safe to say that Arthur Hayes’ Bitcoin price prediction is likely pegged on the possibility of the US SEC approving a spot Bitcoin ETF sometime before the next bull run. SEC has been reluctant to approve such an ETF for years, but pressure is now mounting – even from among pro-Bitcoin members of the US Congress.
However, the regulatory body has elected to delay all the Bitcoin ETF applications currently on its table. The last deadline for the ultimate decision on this matter is in March 2024. This coincides with the halving period.
An ETF approval at such a moment would be huge for Bitcoin price and set the table for the bull run. It would also translate into a record-breaking Bitcoin market cap. At the time of this writing, Bitcoin price is hovering at around the $27,835 point and posting a 1.6% increase over the last 24 hours.
