Bitcoin’s Path Forward Following 30% Surge Analyzed By BitMEX Founder

It’s been just revealed that the CEO of BitMEX is analyzing the path forward for Bitcoin. Check out the latest predicitons that he addressed below.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $20,956.

BitMEX founder Arthur Hayes has been addressing the most likely paths forward for Bitcoin (BTC) after the king crypto’s rapid 30% rally.

In a new Medium post, Hayes says where BTC is headed next depends on what’s driving the recent surge.

Hayes says, if the surge is a “natural” bounce off recent lows, Bitcoin is likely to trade sideways at a new higher price level. This would reportedly happen until financial market conditions improve.

“Rally Catalyst Scenario 1: Bitcoin is simply experiencing a natural bounce off the local lows of sub $16,000. If this rally is really just a natural rebound off of local lows, I expect that Bitcoin will subsequently find a new plateau and move sideways until USD [US dollar] liquidity conditions improve.”

We suggest that you check out the complete article in order to learn more details about all this.

A crypto analyst known for calling the 2021 Bitcoin (BTC) collapse is laying out his 2023 price target for BTC.

The pseudonymous trader Dave the Wave said recently that his target for the king crypto this year is above $40,000.

“A technical target of $42,000 this year to take BTC out of the ‘buy zone’…”

BTC is now still 70% down from its all-time high of more than $69,000, which it hit in November 2021.

Dave the Wave questions whether Bitcoin’s boom-and-bust cycles will become increasingly irregular. The BTC markets are maturing and this is important to mention as well.

“On the chart, the ‘cycle’ seems to be breaking up just as giant ice sheets would in warmer waters.”