Arthur Hayes Flips the Script: From Bearish to Bullish as Bitcoin Soars

Former BitMEX CEO Sees Monster Altcoin Season Ahead

Listen up, crypto fans! Arthur Hayes, the ex-CEO of BitMEX, just did a total 180 on his Bitcoin outlook. Initially, he was singing a bearish tune, but the market's wild rally this week has him changing his tune faster than you can say "HODL."

On July 11, Hayes took to X, dropping some serious wisdom. He called Bitcoin's (BTC) breakout to new all-time highs a game-changing moment. Not too long ago, he was warning about the U.S. Treasury's TGA refill, saying it could suck liquidity out of the market and put the squeeze on risk assets. But guess what? The crypto market just laughed in the face of those fears and surged higher.

"I was slightly bearish in my last essay due to TGA refill. What changed? $BTC busted through ATH on good volume," Hayes declared. And that's not all - he's predicting Ethereum (ETH) will take the lead from here on out. With ETH's steady climb over the past few days, Hayes is calling it - get ready for a monster alt szn!

"I was slightly bearish in my last essay due to TGA refill. What changed? $BTC busted through ATH on good volume. $ETH is following and will outperform, get ready for a monster alt szn. Mrkt thinks Trump will TACO on tariffs, so fuck it: @MaelstromFund is backing up the truck!"

Hayes isn't just looking at the charts - he's got his finger on the pulse of the macro environment too. He says markets are betting on President Trump easing up on tariffs, which could give global trade a boost and send the overall market performance through the roof.

Back in May, Hayes said BTC needed to hit $110,000 for the altcoin season to really kick off, and he predicted the breakout would happen around June or early Q3. Well, guess what? That breakout just happened, and Hayes is convinced the next phase of the cycle is already underway.

Long-term, Hayes has always been a BTC bull. He's calling for BTC to hit around $250,000 by the end of the year and even sees a path to $1 million by the end of Trump's current term in 2028. Buckle up, folks!

Hayes' altseason forecast is already coming to life, with momentum building like a tsunami across the market. Assets like SEI (SEI), SUI (SUI), and HBAR (HBAR) have jumped between 10% and 20% in the last 24 hours alone, and over 98% of altcoins are outperforming Bitcoin in this epic rally.

Even though the Altcoin Season Index from CMC is still leaning towards Bitcoin dominance at 30/100, some analysts are saying the tide is turning and that a massive season for the asset class is already in full swing.

Meanwhile, Bitcoin just keeps on breaking records like it's going out of style, trading at an all-time high of over $118,500 as we speak. This is the crypto show you don't want to miss, folks!