Bitcoin (BTC-USD) is on a path to shred the $90,000 price barrier as Arthur Hayes labels a return to the $126,000 record a ‘Foregone Conclusion’ in a new report titled The Butterfly Touch, on Tuesday, May 12. The BitMEX co-founder believes that BTC found its floor at $60,000 earlier this year and is now speeding toward massive new highs. He told his followers to “close your eyes and press the button” because he believes the current bull market is just getting started and will soon see a massive surge in value.
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Arthur Hayes Identifies a Major BTC Price Trigger
The investment leader pointed to $90,000 as the most important number for the market to watch right now. Once the price moves above that specific level, he believes the rally will move with incredible speed. This happens because professional traders who bet against Bitcoin’s price will be forced to buy it back quickly to protect their money. This sudden influx of buying creates a chain reaction that helps the price climb toward the six-figure mark.
Arthur Hayes Explains How Global Spending Impacts Bitcoin’s Price
Two major global trends are acting as powerful forces for this growth. The first is the massive amount of money being spent on building AI hardware, which forces central banks to create more credit. The second is the war between the U.S. and Iran, which is making countries buy commodities and avoid saving in dollars. War and technology spending both cause the price of everything to rise. In this inflationary world, Bitcoin acts as the best tool for protecting wealth.
Because he is so confident in the market, Hayes is moving his fund to a state of “maximum risk” by betting on several smaller coins alongside Bitcoin. He currently holds large positions in tokens called HYPE and Zcash (ZEC-USD). He is also starting to buy a coin called NEAR (NEAR-USD) because he likes how the technology handles privacy and believes it will “flip the script” on its past price performance. While he warns that a bad stock market launch could slow things down, he believes right now is the time to be bold.
At the time of writing, Bitcoin’s price is sitting at $80,788.
