Arthur Hayes "Reverses Short-Term BTC Bearish View, Sees $70,000 After Yearly Highs"

Arthur Hayes, co-founder of global cryptocurrency exchange BitMEX, recently told crypto-related YouTube channel Crypto Banter, "I was wrong about my earlier view that the price of bitcoin could experience short-term weakness," according to the Daily Hoarder. I don't expect a major correction in the near term, and I think we'll see new highs and a new all-time high of $70,000 before the end of the year."

He added, "Buying a $35,000 strike put expiring March 29 was like taking an unreasonable short position. I thought that the Fed would extend the Bank Term Loan Program (BTFP) and that the price of bitcoin would rally after a short-term shock, as it did last March.

However, the market only allowed the price to fall to $38,000 and option fees became unaffordable. Bitcoin is rallying and I closed my put position," he explained.