Arthur Hayes Says Bitcoin Is Already in Bull Market, Sees Short Squeeze Above $90,000

BitMEX co-founder Arthur Hayes said Bitcoin is already in a bull market and could climb faster if it breaks above $90,000.

In a blog post dated May 11, Hayes wrote that the market is "clearly in a bull market." A move past $90,000 could trigger liquidations of short positions and accelerate the rally, he said.

He pointed to the structure of the options market. If Bitcoin clears $90,000, sellers of put options may unwind positions to defend against losses, creating a short squeeze that adds buying pressure.

Hayes also argued that the macro backdrop remains supportive. Liquidity in the US dollar and the Chinese yuan is expanding at the same time, and the increase in global liquidity is a key driver lifting cryptocurrency prices, including Bitcoin.

"Bitcoin is one of the assets most sensitive to expansions in fiat liquidity," he wrote. "The market has yet to fully price that in."

He also flagged politics as a near-term risk. Hayes said the rally could temporarily lose momentum if debate in the US over artificial intelligence and inflation intensifies ahead of the November midterm elections.

Hayes was also upbeat on altcoins. He named Hyperliquid (HYPE), Zcash (ZEC) and NEAR Protocol (NEAR) as key tokens to watch, and said privacy-focused projects in particular could create new demand.