BitMEX co-founder and former CEO Arthur Hayes recently shared a scenario on X in which he envisions the Bitcoin price reaching $1 million.
Hayes tweeted that Federal Reserve Chairman Jerome Powell is asserting that US banks are strong to very strong, but NYCB (New York Community Bancorp) has a different perspective.
He raised the question of who is correct, the market or the central banker? Hayes questioned.
The co-founder of BitMEX and a prominent supporter of Bitcoin then made a prediction that a bailout is on the horizon, and the price of the leading cryptocurrency by market capitalization could potentially reach $1 million.
According to Arthur’s analysis, US banks will once again require a substantial bailout, and the Federal Reserve and the Treasury will inject a significant monetary supply into the market, thereby driving up the price of Bitcoin.
Hayes Expects 20-30% Correction by Late March
As previously reported in January, Hayes made a prediction of a substantial correction in Bitcoin’s price, foreseeing a decline ranging from 20% to 30% by early March.
Hayes elaborated on his perspective in a detailed post, cautioning traders during the ongoing cryptocurrency bull market. He anticipates a potential significant correction in March, preparing for what he refers to as a “vicious washout” that could impact cryptocurrency investors who might be considered “tourists” in the market. Arthur Hayes stated:
“I expect Bitcoin to undergo a healthy 20% to 30% correction from whatever level it has reached by early March. The washout could be even more severe if the slate of US-listed spot Bitcoin ETFs has already started trading.”