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Billionaire crypto investor and BitMEX co-founder Arthur Hayes has closed his short position on Bitcoin, signaling confidence in an upcoming market recovery. Despite the release of U.S. inflation data (CPI and PPI), Hayes made a 3% profit from the recent market downturn and now anticipates a rebound in the crypto sector as U.S. dollar liquidity begins to rise again.
In a post on platform X (formerly Twitter) on September 8, Hayes revealed that he has shifted away from his earlier prediction of Bitcoin falling below $50,000. He now expects Bitcoin and the broader crypto market to recover as early as next week. This reversal comes as large investors, or “whales,” have been buying Bitcoin during its recent dip, according to a CoinGape report.
Hayes’ bullish sentiment aligns with recent comments from veteran trader Peter Brandt. Brandt, who had previously forecasted a potential $46,000 low for Bitcoin, now sees a more optimistic outlook. In response to Bitcoin critic Peter Schiff, Brandt pointed out that Bitcoin is forming a massive inverted head-and-shoulders (H&S) pattern, a technical signal often considered extremely bullish—particularly in relation to gold.
Arthur Hayes Expect Bitcoin to Rise
Crypto market sentiment has shown slight improvement in recent days, moving from “extreme fear” to “fear,” as reflected by the Crypto Fear & Greed Index, which climbed from 23 to 29. This change suggests that while caution remains, optimism about a market recovery is growing.
Hayes’ optimism may also be driven by comments from U.S. Treasury Secretary Janet Yellen, whose oversight of the market has fueled expectations of increased dollar liquidity, which could benefit Bitcoin and other digital assets.
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With sentiment improving and key figures in the crypto space predicting a turnaround, the next week could prove pivotal for Bitcoin’s price trajectory.
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