Arthur Hayes, the former CEO of derivatives crypto exchange BitMEX, believes the bull cycle is not over and has set a $250K price target for Bitcoin.
Hayes made this bold prediction in his latest essay, ‘The Ugly,’ which he characterized as the first of three essays. According to him, the remaining two essays- The Good and The Bad – will shed light on the rise of political meme coins and how the Donald Trump administration might ‘cuck’ U.S. crypto investors in terms of crypto regulatory policy.
Shift in Hayes’ Short-Term Market Sentiment
In his latest essay, the former BitMEX CEO highlighted a shift in his short-term market sentiment. He pointed out that he was extremely bullish for Q1 2025, as detailed in his first essay of the year.
However, Hayes now feels uneasy about his expectations due to recent macro-banking issues and the TRUMP meme coin. The macro-banking issues include the rate of banking credit expansion, central bank balance sheet movements, and the correlation among the prices of Bitcoin, stocks, and the U.S. 10-year treasury.
He drew a parallel between the current market developments and the 2021 crypto crash.
Bull Cycle Isn’t Over
Despite this, Hayes emphasized that the 2024/2025 bull cycle is not over. He predicted a short-term correction for Bitcoin, noting that the premier cryptocurrency will plunge to the $70,000 – $75,000 price range.
A drop to this range represents a dip of 28.57%—33.33% from the current price of $105,000. Despite this anticipated dump, Hayes believes that Bitcoin’s price will soar to $250,000 by year-end, representing a surge of 138.09% from the current price.
Maelstrom Investment Strategy
In anticipation of this dip, Hayes revealed that Maelstrom, a firm managed by his family office, had increased its staked Ethena USDe stablecoin holdings to record levels. At the same time, it has taken profits on several of its investments in ‘shitcoins.’
According to him, this move will provide Maelstrom with sufficient funds to buy the upcoming Bitcoin dip as well as a mega dip on ‘quality shitcoins.’
Other $250,000 Bitcoin Prediction
It is worth mentioning that Hayes’ $250,000 year-end target for Bitcoin aligns with similar predictions issued by Real Vision founder Raoul Pal. The legendary trader set the $250,000 target as the current cycle’s high for Bitcoin.
Similarly, popular market observer Jason William believes Bitcoin will reach a price target of $250,000 this cycle.
Notably, Bitcoin recently rebounded from a massive correction on January 27. At the time, its price crashed below the $100,000 level, plunging to around $97,600.
However, Bitcoin has since recovered from this dip and trades at $105,000. At this price, Bitcoin is up 2.88% over the past day.
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