In a recent turn of events that has crypto enthusiasts buzzing, BitMEX co-founder Arthur Hayes has made a bold prediction, stating that Bitcoin could hit $70,000 in 2024.

Hayes’ prediction will be welcomed by Bitcoin investors worldwide, who have seen the coin’s value showcase high levels of volatility in recent weeks.

Meanwhile, another cryptocurrency making headlines is Bitcoin Minetrix (BTCMTX), which has garnered significant backing from whales and retail investors.

Arthur Hayes Forecasts $70k Bitcoin Following Economic Upheaval

In the wake of Hayes’ bold prediction, the crypto community has dissected his words to glean further insight.

His argument for Bitcoin reaching a valuation of $70,000 by the end of 2024 centers around several economic factors, mainly focusing on the “bear steepener” in US Treasury yields.

In a recent Twitter thread, Hayes pointed out that long-term interest rates in the US are rising more quickly than short-term ones.

He contends that this signals a potential flashpoint on the horizon, which could force aggressive measures from financial institutions.

Hayes argues that banks, facing leverages and non-linear risks, would be forced to sell bonds, putting downward pressure on bond prices.

In response, Hayes anticipates enormous injections of liquidity from central authorities to stabilize the bond market – which is ultimately a catalyst for riskier asset classes like cryptocurrency.

If Hayes’s prediction proves accurate, and Bitcoin does soar to $70,000 in the coming year, it would represent a 153% increase from today’s price.

Bitcoin Stuck as Whale Movements Hint At Overwhelming Uncertainty

Although Arthur Hayes predicts a bullish future for Bitcoin, the current market sentiment is more cautious.

Bitcoin is currently hovering around the $27,600 level, following multiple attempts to break above the resistance zone at $28,000.

Additionally, crypto whale behavior has been inconsistent, with the Material Indicators Twitter account posting that some classes of whales have been buying while