• 2023-like bailout in the cards? 
• Uber-bullish price prediction 

Arthur Hayes, former chief executive officer at cryptocurrency trading platform Binance, has stated that Bitcoin is currently “on sale.” 

This comes after the leading cryptocurrency recently plunged to $103,853, reaching the lowest level since July. 

2023-like bailout in the cards? 

The most recent crypto market plunge comes amid concerns about the soundness of regional banks in the U.S. after the shares of Zions and Western Alliance plummeted due to some bad loans. 

Back in March 2023, Silicon Valley Bank (SVB) famously collapsed virtually overnight back in 2023 after heavily betting on long-term government bonds. Signature Bank and First Republic also went underwater shortly after. 

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There was full-blown panic within the regional banking sector, and the Treasury, the Federal Reserve, and the FDIC were quick to bail it out. The regulator took emergency steps in order to guarantee all deposits (including the ones that were above the insurance limit).  

If the same scenario plays out right now, this could further weaken the U.S. dollar, which is already having its worst year since 1973. 

Uber-bullish price prediction 

As reported by U.Today, Hayes previously predicted that the price of Bitcoin could reach $250,000 by the end of the current year. 

However, Polymarket bettors think otherwise. According to the popular betting website, the leading cryptocurrency has only a tiny 3% chance of reaching the aforementioned level this month. 

In fact, there is a higher chance of Bitcoin plunging all the way to the $50,000 level. 

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