BitMEX Founder Arthur Hayes Forecasts Bitcoin's Path Forward After 30% Surge – Here Are His Targets

BitMEX founder Arthur Hayes is outlining 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.

Timeline of Bitcoin

Are investors making too many assumptions about Bitcoin (CRYPTO: BTC)? JPMorgan Chase & Co (NYSE: JPM) CEO Jamie Dimon is bullish on blockchain technology, but Bitcoin is another story.

On-chain data shows the Binance USD (BUSD) exchange reserves have declined recently, a factor that may be behind Bitcoin's slowdown. Binance USD (BUSD) Exchange Reserves Have Gone Down As pointed out by an analyst in a CryptoQuant post, there was a very large inflow of $250 million BUSD just a while ago.

Data provided by on-chain analytics firm Glassnode shows that the amount of bitcoin (BTC) in circulation that has not moved in over the last 10 years has reached an all-time high of 2,612,163.979 BTC.

Jamie Dimon, CEO of JP Morgan, got quite ruffled when presented with some facts on Bitcoin. The CEO of the biggest bank in the US and arguably the biggest in the world, Jamie Dimon has never lacked epithets to describe Bitcoin.

BTC/USD Tests 20947 Again:  Sally Ho's Technical Analysis – 20 January 2023 Bitcoin (BTC/USD) worked to reclaim recent losses early in the Asian session as the pair moved from the 20370.01 area to the 20960 area, a test of an upside price objective around the 20947.28 area that is related to buying pressure around the 16326 and 17325 levels.   Notably, BTC/USD's low around the 20370.01 area during the pullback was a test of the 23.6% retracement of the recent appreciating range from 16326.16 to 21650.21.

The bitcoin price is up 0.4% at $20,910, recovering somewhat from a $1,000 plunge after a crypto exchange co-founder was arrested on Wednesday, and weak US data pointed to an economic hard landing.

Bitcoin price analysis for today shows the bullish momentum has slowed down somewhat, but the bulls still remain in control.BTC has been holding above $20,000 for some time now and is currently trading at around $20,876.88, up by 0.93 percent.BTC/USD consolidated at $20,800 but failed to tap the next resistance at $21,500.

The last two weeks have been incredible for the price of bitcoin. The digital asset has been able to successfully make its way out of a depressing bear trend and reached two-month highs in the process.

Reduced inflationary pressure fueled crypto investors' appetite for risk markets, eliminating the possibility of bears profiting from the Jan. 20, $580 million Bitcoin options expiry.

Based on the year-to-date performance and their drawdown from their all-time highs (ATHs), Bitcoin (BTC) and Ethereum (ETH) have performed very similarly. While BTC has risen by 25.5% since the beginning of the year, ETH has climbed by about 27%.