The co-founder of BitMEX, Arthur Hayes, gives a promising perspective on the future of Bitcoin. This optimistic prediction arises primarily from the critique of Federal Reserve’s contentious strategies, particularly the expansion of the Reverse Repo Program and Interest on Reserve Balances payments. Hayes poses a compelling argument that these tactics essentially stymie the objectives of quantitative tightening.
Even in the midst of unyielding adherence by the Federal Reserve to these strategies, Hayes anticipates a swing towards less rigid policies, especially as we see the introduction of alternative buyers for US Treasury debt. This viewpoint emboldens prospects of a positive climb for Bitcoin or at least safeguarding it from any further downfall.
Bitcoin is perceived as an antidote to banking anomalies and a beneficial outlet amidst growing fiat liquidity, courtesy its unique market presence and limited availability. Just as the U.S. dollar stabilizes and the Federal Reserve Chair, Jerome Powell, articulates a need for caution with future interest rate hikes, Bitcoin fans resonate with this hope-filled vision.
The Bitcoin value, which had a modest rebound from a foundational $25,500 price, promises a possible surge to $27,400. Further optimism suggests that an escalation beyond $27,400 could drive Bitcoin to reach close to $28,650. There’s even a hint of Bitcoin soaring towards an ambitious $30,300 mark.
However, the other side of the coin must not be ignored. A downside breakout under $25,450 could pull the cryptocurrency down to approximately $24,100.
Moving forward, it would be wise to keep an eye on the promising initial coin offering projects and alternate cryptocurrencies for 2023. We collectively bring you the top 15 digital assets to watch, courtesy our team of experts from Industry Talk and Cryptonews. With a volatile market and considerable risks, we stress on the importance of staying well-informed and performing your own detailed research before any cryptocurrency-related endeavor.
Source: Cryptonews
