BitMEX co-founder Arthur Hayes, known for making bold predictions about Bitcoin (BTC) and altcoins, says the rise in BTC began in February and will gain further momentum once it surpasses $90,000.
In a recent blog post, Arthur Hayes argues that the Bitcoin bull market has already begun since the end of February.
Hayes notes that BTC is clearly in a bull market at this point, and a break above $90,000 could lead to the liquidation of short positions and accelerate the rise.
Hayes, drawing attention to the structure of the options market, argues that if Bitcoin surpasses $90,000, those selling put options may close their positions to hedge against losses, leading to a squeeze of short positions that creates buying pressure.
On the other hand, Hayes also argues that the macroeconomic environment remains supportive.
“Liquidity in the US dollar and the Chinese yuan is expanding simultaneously, and Bitcoin is one of the assets most sensitive to expansions in fiat currency liquidity.”
However, BTC and the market haven’t fully priced this in yet.”
Hayes also pointed to US politics as a short-term risk for Bitcoin. He argued that if debates about artificial intelligence and inflation intensify in the US before the November midterm elections, the rally could temporarily lose momentum.
Finally, Arthur Hayes expressed optimism regarding altcoins. He highlighted Hyperliquid (HYPE), Zcash (ZEC), and NEAR Protocol (NEAR) as notable tokens to watch, noting that privacy-focused projects in particular could generate new demand.
*This is not investment advice.