BitMEX co-founder Arthur Hayes has issued a bold prediction for significant cryptocurrency price increases by the end of the previous year (2024), targeting Bitcoin at $250,000 and Ethereum reaching $10,000.
Hayes attributes this bullish outlook primarily to potential macroeconomic shifts. Specifically, he points to anticipated credit expansion stemming from former President Donald Trump’s wartime fiscal strategies and expected capital inflows into U.S. Treasury bonds as key liquidity drivers that could fuel the crypto markets.
The influential crypto entrepreneur also outlined near-term scenarios for Bitcoin contingent on liquidity conditions within the U.S. Treasury General Account (TGA). Hayes suggests Bitcoin could potentially test support levels between $90,000 and $95,000 if TGA liquidity deteriorates, whereas a stable TGA scenario might see the asset trading closer to the $100,000 mark.
Furthermore, Hayes noted that market behavior preceding the Federal Reserve’s key Jackson Hole symposium is likely a factor influencing Bitcoin’s future price trajectory.