Bitcoin on the Brink: Arthur Hayes Predicts a Bullish Breakout Amid Market Mayhem

Listen up, crypto fans! Arthur Hayes, the visionary behind BitMEX, is dropping some serious bombshells about Bitcoin. He's calling for a massive bullish breakout, and you won't believe the timing – right as Bitcoin saw some modest gains that got everyone's heart racing.

Bitcoin's Wild Ride

Bitcoin (BTC) didn't just climb – it soared past $83k, leading the crypto pack like a boss. But hold onto your hats, because even with this surge, it's still hanging by a thread amidst the chaos in the broader risk asset market on April 11.

Our data at Crypto.news shows BTC hit a jaw-dropping high of $83,200 across major exchanges. Yet, those intraday gains were overshadowed by the stock market's wild swings, all thanks to those pesky ongoing tariff worries.

Hayes' Bullish Bet

Despite the market's rollercoaster ride and the dollar index taking a nosedive, crypto legend Arthur Hayes is sticking to his guns, staying bullish on BTC. He spilled the beans on X on April 11, pointing to the skyrocketing U.S. 10-year Treasury yield as his crystal ball.

With the US10YR blasting past 4.5%, the ex-BitMEX CEO is predicting a major policy shake-up from Washington. And get this – he thinks it might hit us like a thunderbolt over the weekend!

According to Hayes, if this keeps up, we're in for a policy response that'll send Bitcoin into what he calls "up only mode." Talk about going full throttle!

"It's on like Donkey Kong. We will be getting more policy response this weekend if this keeps up. We are about to enter UP ONLY mode for $BTC."

Tariffs and Tensions

Tariffs are still the elephant in the room for investors, with China and the U.S. locked in a brutal trade war. The Chinese government just dropped a bombshell with retaliatory tariffs of up to 125% on U.S. imports, a direct shot at the White House's 145% tariff hikes.

Analyst Scott Melker chimed in on X, pointing out that it's the yields and the China saga that are the real villains dragging down risk assets.

"Everything else is just details," he said, not mincing words.

"Another day living in the upside down… stocks open down, but yields are UP. Bonds getting slaughtered as the 10-year once again surpasses 4.5%. If the goal is to get yields down, we need a new plan."

Market Mavens Weigh In

Hayes' forecast and Melker's take are in sync with other big shots in the market. Everyone's eyeing those ballooning yields as a sign that something's seriously off-kilter. And guess what? Even key U.S. inflation data got shrugged off like it was nothing.

Earlier that day, BlackRock CEO Larry Fink dropped a truth bomb on CNBC, saying the U.S. is "very close" to a recession, if not already in one.

"I think you're going to see, across the board, just a slowdown until there's more certainty. And we now have a 90-day pause on the reciprocal tariffs. That means longer, more elevated uncertainty," he warned.

At 12:20 ET on April 11, Bitcoin was trading around $82,346, holding steady amidst the storm.