Legendary trader and BitMEX co-founder Arthur Hayes has shared his reflections on the crypto market’s future in his latest essay. Specifically, Hayes predicted that Bitcoin (BTC) and Ethereum (ETH) crossing key psychological price milestones could activate an epic surge in altcoins.
‘Sexy Shitcoin Soiree’ Incoming?
According to Arthur Hayes, the highly-anticipated full-fledged altcoin season won’t start until Bitcoin and Ethereum break through the $70,000 and $4,000 thresholds, respectively.
“The combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree,” Hayes wrote in his “Water, Water Every Where” Monday essay.
The Bitcoin OG, who now runs the Maelstrom Fund family office, also expects Solana to rocket above $250 but downplays its wider impact compared to Bitcoin and Ether, highlighting their bigger market values.
SOL is currently trading 43.5% down from its all-time high of $259.96, set almost three years ago in November 2021.
BTC On Track For $100,000
Hayes predicts the king of crypto will breach the $100,000 mark during this cycle. He names the issuance of U.S. treasury bills that could inject fresh liquidity into cryptocurrency markets as the possible catalyst:
“Therefore, taking Bad Gurl Yellen’s word, we know that $301bn of T-bills will be net issued between now and year-end. If this relationship holds true, Bitcoin will quickly retrace the dump caused by the yen strengthening. The next stop for Bitcoin is $100,000.”
Bitcoin is currently struggling to reclaim the psychologically important $60,000 mark. BTC is changing hands at $59,396 as of press time, according to CoinGecko data. Hayes, however, maintains a rosy long-term outlook for BTC, asserting that the $1 million price tag for Bitcoin was still his base case. He also predicted a parabolic bull rally heading into next year, adding: “The 2025 Sino-American crypto bull market shall be glorious.”
Nonetheless, the crypto market must first navigate the remarkably close U.S. presidential election. Hayes called Vice President Kamala Harris, the presumptive Democratic presidential candidate, a “first-class political muppet.” He claims Harris has an advantage over Donald Trump only because she “is not an octogenarian vegetable.”
Harris has yet to publicly indicate how she intends to approach the fledgling crypto sector if elected in November. Meanwhile, former President Donald Trump has become a huge champion of digital assets in recent months, though his administration was against the burgeoning technology when he was in office. As a result, some well-known industry CEOs have given him their support and money with hopes that a second Trump regime will reverse the harsh enforcement actions and compliance conflicts of the Biden-Harris administration.
