Bitcoin Rally Coming Soon, Predict BitMEX Co-Founder and PlanB
- BitMEX co-founder Arthur Hayes said that the Bitcoin price will increase with the increase in USD liquidity.
- BTC investors observing liquidity injections in USD can anticipate potential effects on crypto, Hayes said.
- PlanB, the creator of the BTC S2F model, asked investors to “enjoy” the time BTC is below $40K until it lasts.
- PlanB has predicted that by 2024, the BTC price will be in the range of $16K to $65K.
A hike in the price of Bitcoin (BTC), the world’s largest digital asset by market capitalization, was witnessed in the past few months, but even higher prices will follow in the near future, claims Arthur Hayes, the founder of leading crypto derivatives exchange BitMEX. Additionally, blockchain analyst PlanB, the creator of the BTC S2F model, predicted a significant price surge as well.
While expressing his opinions on social media platform X (formerly known as Twitter), Hayes posted a chart depicting net reverse repurchase agreement (RRP) and Treasury general account (TGA) balance changes, while referring to United States Treasury Secretary Janet Yellen as “Bad Gurl Yellen.”
In his post, Hayes asked Bitcoin investors to remain focused and optimistic while highlighting a prominent increase in the liquidity of the United States dollar. The BitMEX co-founder believes that BTC will follow this liquidity surge and also display a significant increase in prices. The chart shared by Hayes illustrated the net variations in RRP and TGA balances, which further displayed the link between USD liquidity and the price of BTC.
Hayes said that the rise in liquidity shows the changing dynamics in financial markets, while adding that Bitcoin investors observing liquidity injections can anticipate potential effects on the digital asset market.
On the other hand, PlanB said in an X post that investors should “enjoy” the time when Bitcoin is sitting below the $40,000 price level while it lasts. While replying to an X user, PlanB said that he expects Bitcoin to be priced between $100,000 and $1 million in the 2024–2028 halving cycle.
As it appears on the website of Binance, the world’s largest crypto exchange by trading volume, BTC is coming in almost 136 days. PlanB highlighted in another post how halving cycles work and how each halving is followed by a price surge.
After the first halving in 2012, Bitcoin was less than $16, while in the second one in 2016, BTC was trading in the range of $256–$1024. During the 2020 halving, BTC was in the $4,000–16,000 range, and PlanB predicted that in the 2024 halving, BTC would be in the range of $16,000–$65,000.
Along with halving, another major factor driving the price of Bitcoin is the potential approval of a BTC spot exchange-traded fund (ETF). As reported earlier, Invesco Galaxy Digital Bitcoin spot ETF and BlackRock’s iShares Bitcoin spot ETF (IBTC) have been listed on the website of the Depository Trust and Clearing Corporation’s (DTCC).