BitMEX co-founder again predicts Bitcoin to hit $1M

On May 3, 2023

Arthur Hayes reaffirmed that he believes that the price of king asset Bitcoin ($BTC) will hit $1 million citing several factors.

BitMEX is a digital assets exchange and derivative trading provider platform. HDR Global Trading Limited operates this company, which is registered in the Seychelles. In 2014, this company was founded by Arthur Hayes, Ben Delo, and Samuel Reed.

On 1 May 2023, Arthur Hayes took to Twitter to share his opinion on the US banking crisis and the latest collapsed bank “First Republic Bank”.

According to the BitMex co-founder, either the government will solve the problem & fix the current banking crisis or it will simply leave the system in this bad situation.

1/ How to think about @firstrepublic ?

It's very simple:
Will the regulators actually solve the problem and stop the banking crisis

Or

Will they find a half-ass solution that solves this particular issue but leaves the broader system just as fucked? pic.twitter.com/Rte4cUGVig
— Arthur Hayes (@CryptoHayes) April 30, 2023

Further Arthur noted that there are several questions, even after some other giant group of banks will acquire this collapsed bank.

The BitMex co-founder expects that the Federal Reserve (Fed) wants a 0.25% hike again, last week’s meeting hints. Arthur believes that this situation is going to be worse because they still don’t get it, or maybe they do and are just hoping and praying the market is stupid.

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In these situations, BitMex co-founder shared his strategy & hints at his intuition that Bitcoin will hit $1 million soon.

5/
I will be looking through my sell-side research for a chart that shows the US banks with the largest CRE portfolios. I will then take a hard look at 50%-75% OTM short-dated puts on these banks to be purchased after the Fed meetings.

Yachzee!!
BTC=$1mm
— Arthur Hayes (@CryptoHayes) April 30, 2023

Bitcoin price

The current trade price of Bitcoin is $28,302 & this trade price is 1.32% high than the last 24 hours’ trade price.

BitMEX co-founder again predicts Bitcoin to hit $1M 1

The current Greed & Fear index is 64, which means the majority of the people are bullish with only the upside of Bitcoin price movement.

According to veteran Bitcoin traders, the current situation of Bitcoin is standing at an important point of Bitcoin dominance pattern & if Bitcoin will further see an increment in market dominance then surely it will result in a very big pump in Bitcoin trade price.