Arthur Hayes Reverses Short-Term Bearish Stance, Expects Bitcoin to Hit All-Time Highs This Year
BitMEX founder Arthur Hayes has changed his short-term bearish view on Bitcoin (BTC) after being proven wrong by the cryptocurrency’s recent performance. Earlier this year, Hayes purchased put options for Bitcoin with a strike price of $35,000, anticipating a short-term price correction. However, in a recent interview, Hayes revealed that he now expects BTC to reach new all-time highs by the end of this year and no longer anticipates a significant correction in the near future.
Predicting Bitcoin’s Rise to $70,000
In the interview, Hayes expressed his bullish sentiment for the remainder of the year, stating that he believes Bitcoin will surge to $70,000 by the end of 2023. He explained that his put position was merely a speculative move based on potential banking stress caused by the renewal of the bank term funding program. While Bitcoin did experience a slight dip in March 2023 due to banking issues, it quickly rebounded and is now on an upward trajectory.
Potential Banking Crisis and Central Bank Intervention
Hayes also discussed the possibility of another banking crisis triggered by the troubled commercial real estate sector. He emphasized that central banks would likely resort to printing more money to inject liquidity into the markets and salvage the economy if such a collapse occurred. As of now, Bitcoin is valued at $48,212 with a slight decrease in the past 24 hours.
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