Arthur Hayes forecasts a new Bitcoin rally by 2024

Former BitMEX CEO Arthur Hayes on the What Bitcoin Did podcast ruled out a new Bitcoin all-time high in 2023, but allowed the possibility in the following year.

“I don’t think we’ll reach $70,000 this year, but next year we’ll break that barrier, then we’ll see a blistering top, and after that Armageddon,” he said.

Hayes explained that under Armageddon he means social upheaval, such as a major war. He pointed to public discontent and the monetary policy of quantitative easing as key factors of this event.

“We have a powder keg with too much money, no trust from the public and people trying to make a living,” the expert added.

halving in 2024 will be the main driver of a new Bitcoin rally.

In December 2022, Hayes stated that Bitcoin reached the bottom of the current cycle, as almost all “irresponsible institutions” had run out of BTC to sell.

He added at the time that the digital asset market expected a partial recovery in 2023 amid another round of the US Federal Reserve’s money printing.

In April Hayes announced the start of new altcoin season amid Ethereum’s price rally.

Earlier JPMorgan analysts concluded that the upcoming halving in April–May 2024 would push the price of digital gold to $40,000.