Recent Bitcoin price surge to a new all-time high has inspired optimism in the cryptocurrency market, and Arthur Hayes, co-founder of BitMEX, forecasts a 'monster' altcoin season, especially for Ethereum.
Predictions by Arthur Hayes
Arthur Hayes believes that new tariff policies and the management of cash by the U.S. Treasury could lead to increased investments in cryptocurrencies. He forecasts Bitcoin could reach $250,000, while Ethereum may climb up to $10,000 due to increased liquidity and solid volume indicators.
CITE_NA: "I was slightly bearish in my last essay due to TGA refill. What changed? Bitcoin busted through ATH on good volume, Ethereum is following and will outperform, get ready for a monster alt szn."
Growing Interest in Ethereum
Ethereum's fundamental indicators have considerably improved. The recent Pectra upgrade resulted in a 50% increase in ETH, indicating market confidence. Hayes notes that ETH is evolving beyond just a tech layer and is starting to be seen as a treasury-grade asset.
Additionally, Nasdaq listed GameSquare has committed to a $100 million strategy focused on Ethereum, while SharpLink Gaming became the largest public holder of Ethereum, accumulating over 205,000 ETH last month.
Market Sentiment Towards Altcoins
Arthur Hayes emphasizes that altcoins typically rally hard after Ethereum breaks out. He refers to ETH as the 'most hated Layer-1' and makes forecasts for its upside potential. Historically, the most disliked assets often perform best during a cycle turn.
Furthermore, rising global debt and loose monetary policy are setting the stage for high-beta assets to shine. As a result, investors view ETH as a yield-generating alternative to Treasuries.
According to Arthur Hayes, the current market setup favors altcoins, particularly Ethereum, which could lead to significant growth in the near future.
