BitMEX co-founder Arthur Hayes says Bitcoin must break above $110,000 and climb toward $150,000–$200,000 for a true altcoin season to kick off.
In a recent interview with Fortune published on May 18, Hayes predicted this breakout could occur sometime in June or early Q3, driven by rising liquidity and increased trading volume. Hayes, who now manages his family office Maelstrom, emphasized that the next altcoin cycle won’t resemble the explosive gains seen in 2021.
He warned that many older tokens, what he called “dino coins,” are unlikely to recover due to high fully diluted valuations, limited float, and no real users or revenue. “You probably have a bunch of coins in your portfolio that went down 95%, and they’re not moving for a reason,” he said
When asked about Ethereum
Hayes also doubled down on his long-term price prediction for Bitcoin
On macro trends, Hayes criticized U.S. Treasury tactics for masking the country’s true borrowing needs. He believes the government is effectively spending more than reported by draining cash reserves and tapping underfunded programs. This, he said, creates excess dollar liquidity, an environment that favors Bitcoin and risk assets.
Hayes also revealed that gold makes up 20% of his investment portfolio, including physical holdings and mining stocks. He expects central banks to keep buying gold and believes the U.S. may eventually revalue its gold holdings to help weaken the dollar. In his view, gold could reach $10,000–$20,000 before this market cycle ends.
At the time of writing, Bitcoin is trading near $103,000, roughly 6% below its all-time high of $108,786 set earlier this year.