The conditions under which the bitcoin cryptocurrency will grow to $ 70,000 are named

Arthur Hayes, co-founder of BitMEX, predicts that the flagship cryptocurrency BTC $95,166.59 Bitcoin -1.97% Market capitalization $1.88 trillion VOL. 24 hours $1.86 billion could soar to $ 70,000. The main condition is that the US Federal Reserve should cut interest rates.

«A breakthrough is possible as early as March 2024,» Hayes wrote in his blog.

«The Fed will review its financial policy as soon as positive signals appear. First of all, it concerns consumer prices in the United States. Bitcoin is still above $ 20,000, which means that investors are not going to make a large-scale withdrawal of capital.

«The US economy is in a difficult situation, and the authorities have to flood it with money.Such a policy will inevitably weaken the attractiveness of government debt, and traders will prefer to enter BTC, which provides greater financial freedom,» Hayes emphasized.

As of the morning of September 15, bitcoin has gained 1.26%, with the asset’s price hovering around $ 26,591. The total number of coins circulating on the market is $ 518.15 billion, and traders have made daily trading deals worth $ 12.64 billion. Bitcoin’s market share remains unchanged at 49.1% since yesterday.

Overall, the global market capitalization added 1.29%, according to CoinMarketCap. The volume of daily trading in cryptocurrencies amounted to $ 26.62 billion.

As a reminder, the BTC predicted a 9% growth in October. According to CoinCodex, bitcoin will reach $ 28,435 by October 13, 2023.