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At the beginning of 2023, there were comments worldwide suggesting that cryptocurrencies might be over. However, in January 2024, the approval of the spot Bitcoin ETF sparked a new wave of activity, culminating in Bitcoin reaching its historical peak in March. Subsequently, a downward trend began again, with Bitcoin’s price recently dropping to $48,800. Despite this, market participants’ confidence in 2024 and 2025 seems to remain intact. In this context, Arthur Hayes, a well-known figure in the cryptocurrency world, shared a new blog post about possible scenarios.
The Future of Bitcoin and Altcoins
Arthur Hayes, co-founder and former CEO of BitMEX, has always drawn attention with his significant comments on both Bitcoin and altcoins. Recently, after expressing his admiration for WIF, its price saw greater interest in the market and reached historical peaks. Today, Hayes has important comments about the future of the market.
Arthur Hayes shared a blog post stating that the altcoin season will not return until Bitcoin surpasses $70,000 and Ethereum exceeds $4,000. He also mentioned that Solana would rise above $250. With the introduction of US dollar liquidity, he expects cryptocurrencies to break out of their downward trajectory from September onwards.
Additionally, commenting on the future of the US economy, Hayes said:
When the US debt ceiling farce ends, liquidity will gush from the Treasury and possibly the Fed, and markets will get back on track. Then the bull market will truly begin. A $1 million Bitcoin is still my base scenario.
Note: Once Bad Gurl Yellen and towel boy Powell combine their powers, China will finally unleash its long-awaited Bazooka fiscal stimulus. The 2025 China-American crypto bull market will be magnificent.
Bitcoin Price in TL
Bitcoin price rebounded to the $60,000 level after a sharp drop last week and has been moving around this level for days. As of the time of writing, BTC was trading around $59,369.
BTC’s market cap has surpassed $1.171 trillion. More importantly, the trading volume increased in the last 24 hours, indicating that investors are eager to buy. BTC’s trading volume is over $36.5 billion, with an increase of more than 41%.
Looking at the BTC/TRY pair, 1 BTC is approximately valued at 2 million TL.
