Arthur Hayes, co-founder and former CEO of BitMEX, shared a prediction of Bitcoin returning to the $70,000 price level amid the cryptocurrency market’s recent recovery. According to his analysis, Hayes highlighted that he believes that by August the price of Bitcoin will be between $60,000 and $70,000.

In a blog post on May 3, Hayes noted that Bitcoin reached a local low at around $58,600 earlier this week, emphasizing that his price prediction is for a rally to above $60,000 and then , price action capped between $60,000 and $70,000 through August.

In suggesting “buy in May, go away,” Hayes stated that “the slow addition of billions of dollars of liquidity every month will mitigate negative price movement going forward.” The BitMEX co-founder also revealed his cryptocurrency portfolio during this period.

“I am buying Solana and Doggie coins for momentum trading positions. For long-term shitcoin positions, I am increasing my Pendle allocations and will identify other tokens that are “for sale.” I will use the rest of May to increase my exposure. And so it’s time to set it, forget it, and hope the market appreciates the inflationary nature of recent U.S. monetary policy announcements.”

It is worth remembering that, in February, Hayes shared a prediction in which he highlighted his belief that the price of Bitcoin would reach the US$70,000 level in 2024, leading the cryptocurrency to break its 2021 record. “Definitely optimistic this year, I believe that Bitcoin will reach its all-time high of $70,000 by the end of the year,” said Hayes. In March, the largest cryptocurrency reached a new record. The highest price paid for Bitcoin (BTC) was $73,737.94, recorded on March 14.

At the time of publication, the price of Bitcoin was quoted at US$61,666.63, up 5.8% in the last 24 hours. Comparatively, the current price is 16.51% lower than the historical peak.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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