BitMEX founder Arthur Hayes says the leading cryptocurrency has been convincingly proven wrong. Therefore, having changed his mind, Hayes states that he is no longer a short-term bear on Bitcoin. Moreover, the famous forecaster expects BTC to surpass all-time highs by the end of the year.
Famous Bitcoin forecaster: I made a mistake BTC will continue on its way!
cryptokoin.comAs you follow from, earlier this year Arthur Hayes announced that he had purchased some put options on Bitcoin at a strike price of $35,000 in anticipation of a short-term price correction. However, he thinks that the position he took is no longer profitable. In a new interview with Crypto Banter, Hayes says that he does not expect a significant correction at this time. Moreover, he expects BTC to reach all-time highs by the end of this year. In this context, the famous forecaster makes the following statement:
I’m definitely bullish for the rest of the year. I think Bitcoin will reach its all-time high of $70,000 by the end of the year. My put position was like a shameless short position. ‘Do you know? I think the Fed will renew the bank term funding program, there may be some banking stress.
“I realized that it wasn’t doing what I really wanted, so…”
Arthur Hayes says Bitcoin lost some value in March 2023 when banks started to fail. He expresses that he thinks maybe a similar situation could happen this time. “I thought it would be over $40,000. “He surpassed it.” Hayes says and continues his explanations as follows:
It only got down to $38,000 or so, it didn’t really continue. I evaluated the market and thought, well, it’s not really doing what I want and option fees are killing me, I’ll just close these things out. And BTC started to rise again. I mean, I’ve been here too long already. At the end of the day it doesn’t really matter. This is just trying to earn extra shekels so I can buy some more beer for my kids.
Famous Bitcoin forecaster assesses a new banking crisis
Arthur Hayes also talks about the possibility of a new banking crisis triggered by the commercial real estate sector, to which many banks have exposure through loans. According to Hayes, who now runs the hedge fund Maelstrom, central banks will inevitably turn to the currency printer to create massive amounts of liquidity in markets to save the economy in the event of another banking crash.
Meanwhile, at the time of writing, Bitcoin was trading at $48,740, up 1% in the last 24 hours. Thus, the leading cryptocurrency increased its weekly gain above 12%.
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