Bitcoin is said to hit a mind-blowing price soon. Check out the latest reports about this below.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $27,351.
Bitcoin to hit a mind-blowing price
BitMEX co-founder CEO Arthur Hayes is forecasting a massive Bitcoin (BTC) rally and a major pivot from the world’s central banks.
“Reacting to the news that the People’s Bank of China has reduced the Reserve Ratio Requirement (RRR) by 0.25%, Hayes says he’s targeting a $1 million price tag for Bitcoin,” according to the latest reports.
Hayes believes China’s move backs his thesis that more government intervention and infusions of capital are coming.
More than that, it’s been revealed that the Reserve Ratio Requirement is the amount of reserves that a commercial bank must maintain as a percentage of their deposits.
“When the requirement is lowered, the amount that commercial banks can lend or invest rises. In a new essay on the subject, Hayes says that the loosening of monetary policy is undoubtedly on the way,” according to the latest reports of the online pubcalition the Daily Hodl.
There are all kinds of predictions about the price of Bitcoin lately. At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $26,327.
A widely followed crypto trader is sure that Bitcoin (BTC) will soon break its macro downtrend.
Pseudonymous crypto analyst Rekt Capital said recently that traders should keep an eye on BTC to break the trend soon.
“BTC will break the Macro Downtrend sooner rather than later.”
The analyst continues, explaining further what exactly breaking the downtrend will mean next for the king crypto. According to the trader’s chart, BTC’s imminent trend break will spur a new “macro money flow cycle.”