‘Powder keg’ explosion expected to result in Bitcoin volatility
Reportedly, the United States banking crisis resulted in increased national debt
Arthur Hayes, ex-CEO, Bitmex, mentioned that Bitcoin is expected to see volatility at the end of the year, stated Cointelegraph. It is estimated that the reason behind this is the “powder keg” explosion in the United States banking crisis which eventually resulted in increased national debt.
“I don’t think we get up to $70,000 this year, I think next year is when we cross that barrier, then we get the blow off top [2025], [2026] and then it’s Armageddon,” Hayes added.
Sources revealed that “With the banking crisis, and you have the federal government issuing trillions of dollars of debt because they need to fund themselves, you’re basically putting this powder keg together of a situation that’s going to be exploding in Q3 or Q4 of this year,” Hayes explained.
Furthermore, other analysts also gave a positive remark about the cost of Bitcoin. It is expected that the removal of the debt “will bring traders back to the table and trigger the next big leg-up in the price of Bitcoin,” Tommy Honan, head of market analysis, Swyftx, a crypto exchange, mentioned, Cointelegraph concluded.
(With insights from Cointelegraph)
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