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Arthur Hayes, the co-founder and former CEO of BitMEX, has revised his forecast for Bitcoin’s direction. In a recent interview, he disclosed that he no longer foresees a major Bitcoin decline in the short term. Rather, he expects BTC to rise to $110,000 before correcting to $76,500.
A Change in Bitcoin’s Prognosis
Earlier, there were numerous analysts, including Hayes, who forecasted possible pullbacks in Bitcoin’s price. Nevertheless, shifting macroeconomic landscapes, institutional appetite, and rising adoption of BTC have resulted in a more positive outlook. Hayes now expects that Bitcoin will first reach a new high of $110,000 before experiencing a retracement.
Factors Driving Bitcoin’s Rally
There are some factors driving the anticipated rally:
Institutional Investment – Traditional financial institutions are increasingly adopting Bitcoin, creating more buying pressure.
Bitcoin ETFs – The success and approval of Bitcoin exchange-traded funds have opened a new door for mainstream investors.
Halving Event – The 2024 halving event is traditionally linked to price increases with less supply.
Macroeconomic Policies – Easy monetary policies and inflation fears push investors into Bitcoin as a hedge.
The Expected Correction
While Hayes is optimistic about the short-term future of Bitcoin, he does anticipate a pullback once it hits $110,000. His estimate is a correction to $76,500 before the next leg of the bull cycle. Corrections are natural in volatile markets and tend to be buying opportunities for long-term investors.
Arthur Hayes’ updated Bitcoin forecast is in line with increasing optimism in the crypto space. With institutional adoption increasing and macroeconomic conditions supporting digital assets, BTC could soon hit new highs. Nevertheless, investors should exercise caution and be on the lookout for eventual corrections along the way.
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