Legendary trader Peter Brandt voices his views on the future and predictions of the Bitcoin price. Arthur Hayes, former CEO of BitMEX, talks about prices with lots of zeros for BTC.
Legendary trader Peter Brandt: Bitcoin will become “King of the Hill”
Recently, some analysts have been sharing projections for Bitcoin price in the $100,000 to $1 million range compared to the current all-time high of $69,000. Former Coinbase CTO Balaji Srinivasan made the news in March 2023 when he predicted that BTC would hit up to $1 million in 90 days. In a recent forecast, Standard Chartered Bank predicted that Bitcoin could surpass $100,000 by the end of 2024 and the crypto winter is over.
Legendary trader Peter Brandt considers behavior over the past 24 months. From this point of view, he expresses his bullish view about the prospects of Bitcoin price. Earlier, the trader predicted that the Bitcoin price is likely to reach the $40,000 range. Brandt has been drawing attention to the ups and downs in the Bitcoin dominance model over the past two years. He says he is optimistic that if a breakout from the current level is seen, there will be a massive increase in BTC price. In this context, Brandt makes the following statement:
The Bitcoin Dominance chart currently has formed a 24-month rectangle with multiple upper and lower bound themes. For now, this range is limiting. However, a decisive break in this range will be of great importance.
Overall, he says, Bitcoin could be the lone “King of the Hill” for the crypto market going forward. Currently, BTC accounts for 45% of the total market capitalization among major crypto assets.
Arthur Hayes: BTC poised to reach $1 million
As you follow on Kriptokoin.com, several big banks like Silvergate and Silicon Valley have collapsed. On the other hand, the price of Bitcoin (BTC) has increased by 26% in the last 60 days. Bitcoin has managed to record a massive spike amid the emerging global banking crisis. However, the co-founder of cryptocurrency exchange BitMEX considers the impact of the banking crisis on BTC. He still supports his belief that this crisis will cause the value of Bitcoin to reach $1 million.
Reports indicate that US officials have begun emergency bailout talks about the collapsing First Republic Bank. In this context, Arthur Hayes, former CEO of BitMEX, states that another Friday and another US bank is on the verge of a historic collapse by the Federal Deposit Insurance Corporation (FDIC). Hayes notes that the problem with First Republic Bank is the balance sheet holding a small number of treasury bills and a large number of commercial real estate loans. However, these loans were not suitable collateral for the banking financing program.
Hayes adds that until some banks decide to bail out the FRC, the banking financing program is expected to allow other types of loans to be exchanged for freshly minted dollars over the weekend. In addition, Hayes expects this situation to increase the BTC price to $ 1 million. The introduction of newly minted dollars into circulation means a few trillion more will be added. So, this development will make Bitcoin go one step higher. He adds that the Fed will try to solve the problem by supporting a larger slice of the US bank balance sheet.
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