Bitcoin price has already bottomed near $60,000 and may rally harder once it clears $90,000, BitMEX co-founder Arthur Hayes claims.
BitMEX co-founder and chief investment officer at Maelstrom Arthur Hayes says Bitcoin has already bottomed and is well-positioned to make a run to its all-time high.
In a May 12 Substack post titled The Butterfly Touch, Hayes said Bitcoin bottomed earlier this year at $60,000 and that a return to $126,000 is a “foregone conclusion.” According to him, the rally is inevitable owing to AI spending, increased warfare costs, and easing credit conditions in the U.S. and China.
Currently, Bitcoin is trading near $81,000, per data from CoinGecko, meaning a move to $126,000 would imply a gain of about 56%. The BitMEX co-founder also pointed to $90,000 as the level where “many call over-writers will rush to cover as their strike gets taken out.”
Read also: Bull-Bear Signal, Bitcoin ETF Inflows, Institutional Buys: What’s Driving BTC Price in May
Bitcoin Price Meets Liquidity
Arthur Hayes’ thesis lies in the U.S. and China considering the AI spending a “national security contest,” meaning spending would increase in chips, data centers, and electric grids, as well as increasing the flow of fiat money through banking systems. He wrote:
“Many haters will refuse to participate in this Bitcoin rally because it underperformed tech and gold substantially over the last twenty-four months. Many cannot fathom why Bitcoin is even relevant anymore as a hedge against wanton money printing. But it will demonstrate its sensitivity to an expansion of fiat liquidity.”
The BitMEX co-founder didn’t give a clean top for Bitcoin, saying he has “no fucking idea” how high BTC▼$63,576.00 can go, though reassuring that he will take Maelstrom’s portfolio to “maximum risk” unless the broader setup changes.
He also made clear that his risk-on view isn’t only about Bitcoin anymore, noting it’s “time to shitcoin,” adding that Maelstrom already has large enough positions in Hyperliquid’s HYPE and Zcash’s ZEC▼$525.67, while NEAR▼$2.36 is his next preferred token.
Read more: Bitcoin Price Could Reach $160K If BTC Catches Up to Stocks, VanEck Analyst Says
