Arthur Hayes Changes Course on Bitcoin Forecast

Arthur Hayes, the former CEO of BitMEX and a well-known market analyst, publicly announced a short position on September 6, predicting that Bitcoin prices would dip below $50,000 over the weekend. This bearish outlook was echoed by popular trader Peter Brandt, who, while not specifying a timeline, identified a megaphone pattern on the weekly chart and anticipated a “massive thrust” into price discovery after a period dominated by sellers. Brandt suggested that a drop to around $46,000 might occur, but emphasized that a substantial rally was needed to reignite the bull market.

However, as of this morning, Hayes has reversed his stance. He cited potential actions by U.S. Treasury Secretary Janet Yellen as a catalyst for his change in position. In a September 8 post on X, Hayes announced that he had closed his short Bitcoin position, now anticipating a possible rally in Bitcoin as soon as next week.

Hayes believes that increased liquidity from the Federal Reserve, amid current economic and financial market weaknesses, could drive a surge in Bitcoin’s price. He expects that additional liquidity injections from the U.S., the world’s largest economy, could significantly enhance crypto investor sentiment and positively impact Bitcoin’s price action.

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