BitMEX co-founder Arthur Hayes believes Bitcoin’s bull market has returned and says the cryptocurrency could reach its previous high of $126,000. In a recent essay, Hayes said Bitcoin already hit its low near $60,000 earlier this year and may soon begin a stronger rally.
Hayes says the key breakout point is around $90,000. If Bitcoin rises above that level, he believes options traders could quickly increase buying pressure. He explained that traders who sold call options might need to buy Bitcoin to cover their positions if prices rise quickly.
Hayes links his positive outlook to two global trends. First, he points to rising demand for artificial intelligence infrastructure, which he says is being funded by aggressive credit expansion from governments and central banks. Second, he mentions geopolitical instability, especially the US-Iran conflict, which he believes is causing long-term inflation.
He believes inflation usually benefits scarce assets like Bitcoin. Hayes also said his investment firm, Maelstrom, holds large positions in Hyperliquid’s HYPE token and the privacy-focused cryptocurrency Zcash. He suggested that NEAR Protocol could become a major investment soon.
Although Hayes remains highly bullish, he warned that a major AI market collapse or political backlash against AI spending could eventually slow the rally. For now, he believes the crypto market still has significant upside potential.
🚨 “Bitcoin Will Explode Past $90,000 on Way Back to $126,000,” Arthur Hayes Says.
Arthur Hayes believes global liquidity and macro trends could push Bitcoin toward another massive rally 👀
As institutions continue entering crypto and ETFs reshape market access, bullish… pic.twitter.com/aYMF0SSXWo
— 3.0 TV (3verseTV) (@reallive3tv) May 13, 2026
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