BitMEX co-founder Arthur Hayes makes astronomical predictions for Bitcoin. Hayes also says that the newly minted money will flow into new technologies such as Artificial Intelligence and Blockchain technology. Based on this, he shares an altcoin project that he sees as his favorite. Moreover, Hayes claims that this buck’s ATH will break. This means 70x for the token.
Bitcoin forecaster’s favorite altcoin project: Filecoin (FIL)
As you follow from Kriptokoin.com, Arthur Hayes recently discussed his theory regarding the upcoming Bitcoin bull market. According to Hayes, falling interest rate, crypto halving event and the launch of spot Bitcoin ETFs will push Bitcoin to $70,000 by the end of 2024. In addition, BitMEX founder talked about the field of artificial intelligence and especially an altcoin project.
Arthur Hayes believes that computing power and cloud data storage are the necessary infrastructure for artificial intelligence development. However, he notes that decentralization is necessary for AI to thrive. In this vein, Hayes says, “AI faces existential risks if human-controlled, centralized companies decide to restrict access to their services.” says. Hayes says he has yet to discover a decentralized solution for sharing computing power. So, in his opinion, decentralized data storage is the only option between the two. He notes that he was particularly impressed by Filecoin (FIL). He calls it his “shitcoin of choice” for the bull market. In this context, he makes the following statement:
The largest decentralized data storage project by storage capacity and total bytes of data stored is Filecoin (FIL). Filecoin is particularly attractive because it has been around for several years and already stores large amounts of data.
FIL price forecast: Ready for a 180% rise?
Crypto analyst Harsh Notariya evaluates FIL’s technical outlook. The monthly chart shows FIL price rapidly approaching the all-time low horizontal support area at $2.60. The altcoin reached this level in December 2022. Immediately afterwards, it jumped and created a long lower fuse (green icon). This is considered a sign of buying pressure.
It reached a yearly high of $9.50 in February. However, later FIL experienced another decline (red icon). Despite the decline, FIL formed a higher bottom and another long bottom wick (black icon) inside the $2.60 horizontal area. The formation of a higher low was expected to initiate a bullish structure and lead to an upward move. However, FIL has since fallen. Moreover, the altcoin is currently trading just slightly above the $2.60 area. That’s why the situation didn’t develop this way.
FIL 2 Weekly Chart. Source: TradingViewFilecoin has almost reached the long-term descending trend line that has been in place since the ATH level. Whether the price breaks out from the trend line or below the $2.60 zone will likely determine the direction of the future trend. A strong move is likely to lead to a 180% rally to the $9.20 resistance area. It is possible that a malfunction could open the doors to $0.50 with a drop of 85%. There is no other support below the $2.60 zone. Therefore, one needs to look at the 1.27 outer Fib retracement for the next potential low.
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