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- According to Kyle du Plessis, investors are looking at altcoins that would benefit from the expected BTC rally.
- Arthur Hayes, former BitMEX CEO, projected a $1 million valuation for Bitcoin.
- According to Hayes, Bitcoin could trade between $750,000 and $1 million by 2026.
According to Kyle du Plessis, a famous crypto analyst, many top investors are already looking at altcoins that would benefit from the expected Bitcoin rally. Plessis made the statement in response to a recent prediction by Arthur Hayes, former BitMEX CEO, projecting a $1 million valuation for Bitcoin.
According to Hayes, Bitcoin could trade between $750,000 and $1 million by 2026. Hayes predicted this during a recent interview, citing several factors to support his view.
Crypto Insiders Are Positioning For Something BIG With These Altcoins! https://t.co/EF31AMxvES— Kyledoops (@kyledoops) October 6, 2023
According to Hayes, a potential financial crisis and the upcoming Bitcoin halving are two crucial events that could lead to a skyrocketing Bitcoin price. He also forecasted that the Bitcoin price would return to the $70,000 level in 2024.
Hayes included the potential introduction of spot Bitcoin exchange-traded funds (ETFs) by renowned asset managers, particularly in Hong Kong, as a critical factor that could drive the Bitcoin price to new highs. He noted that expansive government spending would directly impact Bitcoin’s growth, such as low interest rates, resulting in an increase in investor interest in alternative assets like Bitcoin.
Following Hayes’ prediction, Plessis said that many top investors are already looking at altcoins that would benefit from the expected Bitcoin rally. Plessis presented this in a recently uploaded video, providing technical analysis that suggests a crypto market rally could be approaching.
According to Plessis, a yield curve inversion is currently happening in the market. He noted the importance of this indicator, explaining that Bitcoin has experienced it once in its lifetime, during the 2020 Black Swan event.
Plessis explained that a bull season starts to kick in when the yield curve inversion drops to a pivot and begins to turn back up. He further explained that the pivot happens when the two-year treasury rate starts to outpace its ten-year counterpart. Moreover, he noted that longer yields would have higher rates, but when shorter yields are on the rise, it shows investors are flocking to long-term rates and not confident in the short term.
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