Arthur Hayes, former CEO of BitMEX, has changed his view on Bitcoin in light of its recent breakout to new all-time highs. He has shared new expectations regarding altcoins and the overall market.
Hayes's Change of Mind on Bitcoin
On July 11, Hayes referred to Bitcoin’s breakout to new all-time highs as a key turning point. Previously, he had warned of the negative impact that the U.S. Treasury's cash balance rebuilding could have on the market. However, recent events, including increased Bitcoin trading volumes, have shifted his outlook. In his post, he stated: CITE_NA 'I was slightly bearish in my last essay due to TGA refill. What changed? Bitcoin busted through ATH on good volume.'
Expectations for Ethereum and Altcoins
Hayes anticipates that Ethereum may take the lead from here, diverging from Bitcoin, and predicts that a long-awaited altcoin season is near. He emphasized that current market conditions and the expected easing of tariffs by President Trump could support global trade and enhance overall market performance. Hayes said: CITE_NA 'Get ready for a monster alt szn.'
Long-term Predictions and Market Status
Hayes has always been bullish on Bitcoin's future, forecasting a price of around $250,000 by the end of this year, with a potential path to $1 million by the end of Trump's current term in 2028. Amid the ongoing rally, several altcoins such as SEI, SUI, and HBAR have surged between 10% and 20%. Although the CMC altcoin dominance index shows Bitcoin's prevalence, analysts suggest that the altcoin season has already begun.
In summary, Arthur Hayes has revised his perspective on Bitcoin, now predicting growth for both the asset and altcoins in the short term. The current market situation signals the potential for significant changes in the near future.
