In the last few weeks, crypto investors have been delighted as we have reported positive news about the Bitcoin market. The crypto market has been excellently improved and moved from bad to better recently.
Earlier, we pointed out that Bitcoin would soon break through the $21k resistance point, given the 4-hour chart of BTC/USD is bullish. While last week we reported how the market is being smothered in crimson, showing signs of life and breaking through the $21,000 barrier.
However, in our findings today, a renowned crypto analyst, Arthur Hayes, ex-BitMEX CEO, has revealed that Bitcoin will finally hit $1 million in 8 years. The crypto analysis cited HODL culture as one of his major justification for the forecast.
According to Hayes, Bitcoin price will be able to reach this price level due to its HODL culture. Many Bitcoin holders and investors prefer to keep their assets rather than sell them, believing that the king coin’s value will rise. The HODL culture arose as a result of Bitcoin’s rapid exponential rise to trillion-dollar status.
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However, the largest cryptocurrency by market capitalization may soon have to find new ways to benefit its miners. This is because once all Bitcoin tokens have been mined, these miners will be unable to generate rewards. When this occurs, miners may be forced to rely on transaction fees.
Hayes also predicts that Bitcoin will enter the financial fabric of sovereign countries, with El Salvador serving as the first real test. This level of infiltration into these countries, according to the embattled fintech pioneer, will occur at an exponential rate.
Despite his optimism about Bitcoin’s long-term prospects, Hayes remains bearish on the cryptocurrency in the short term. Back in April, the American banker and entrepreneur based in Hong Kong predicted that Bitcoin would fall below the $30K mark by the end of June.
Additionally, Hayes attributed the drop to the Fed’s aggressive tightening policy. Besides, the former BitMEX CEO previously predicted that the altcoins would drop by more than 90%. According to Hayes, the market could bottom out before the Fed reverses course. Follow TechGenyz for more updates.