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Arthur Hayes hints at bitcoin rising above $100,000

ForkLog
Arthur Hayes hints at bitcoin rising above $100,000

BitMEX co-founder Arthur Hayes signalled he expects the leading cryptocurrency to trade above $100,000, with US Treasury buybacks of government bonds acting as the catalyst.

“Seriously, friends, this may be your last chance to buy BTC below $100,000,” he said amid bitcoin’s break above $87,000.

Hayes teased an essay on the buybacks he anticipates. The Treasury uses bond purchases to support markets, injecting additional liquidity. Historically, capital inflows have buoyed risk assets such as cryptocurrencies.

Dollar weakness as a catalyst for bitcoin

On April 16, the Fed chairman, Jerome Powell, reaffirmed the central bank’s cautious, wait-and-see stance on further cuts to the policy rate. He cited the “large-scale tariffs” introduced by President Donald Trump, the size of which turned out to be “higher than expected.”

The head of state criticised Powell andcalled for his resignation, stressing that monetary easing has been slow. For example, the ECB has already cut rates for the seventh time in a row, Trump said.

Bitwise’s head of research in Europe, André Dragosch, believes the “next big macro catalyst” for the Fed and global liquidity will be the US employment figures.

“Given these leading indicators, we will not avoid a negative NFP print over the coming three months. The window to stack cheap sats is closing,” the expert warned.

Dragosch noted that bitcoin’s latest advance coincided with a weaker dollar—the DXY index hit its lowest level since March 2022.

According to Andreas Steno Larsen, chief investment officer at Steno Global Macro Fund, if a cheaper national currency was the goal of the Trump administration, the situation has plainly slipped out of control.

“The USD index has broken lower, and it seems like nothing is stopping it now,” he said.

Bitget Research’s chief analyst, Ryan Lee, told Cointelegraph that dollar weakness and a rising correlation with gold enhance bitcoin’s appeal as a hedge.

From a technical standpoint, metrics point to a potential test of resistance at $90,000, he added.

Analysts spot several bullish signals

A CryptoQuant analyst known as Crazzyblockk noted that bitcoin’s move above $87,000 pushed new investors (those who bought less than a month ago) into profit. Although short-term holders (up to six months) remain in the red, he deemed the shift positive.

“This is a short-term bullish signal, demonstrating a return of confidence and a reduced risk of panic among new market participants,” wrote Crazzyblockk.

By his estimate, selling pressure will ease once bitcoin rises above $91,000.

On-chain CryptoQuant analyst Carmelo Alemán Santana pointed out that on April 14 the realised capitalisation of the leading cryptocurrency hit a record $872bn. The metric reflects the total value of coins at their last transacted price and shows the capital actually invested.

“This is a positive signal, showing increasing confidence in both the network and the asset, and suggesting that we may not have reached the top of the market cycle just yet,” the expert suggested.

The trader known as EgyHash highlighted two trends that could point to an imminent rally in the cryptocurrency:

“Taken together, these indicators reflect increasingly positive investor sentiment, which could support a bullish outlook in the near term,” he concluded.

Earlier, Bitwise experts outlined four main catalysts for bitcoin’s growth in the second quarter.

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