BitMEX co-founder Arthur Hayes said Bitcoin (BTC) is more likely to climb to $110,000 before experiencing a significant correction, pivoting from his previous stance that further downside was likely until BTC hit $70,000.
Hayes said in a social media post on March 24 that his views have flipped bullish due to the potential shift in US monetary policy.
Monetary policy
Hayes noted that the Federal Reserve’s anticipated move from quantitative tightening (QT) to quantitative easing (QE) could create the liquidity conditions needed for Bitcoin to break through its previous all-time highs.
Hayes downplayed concerns about inflation and rising tariffs, arguing that inflation remains largely transitory and that monetary policy, not trade tensions, will shape Bitcoin’s trajectory.
Hayes wrote:
“The Fed is pivoting from QT to QE for treasuries.”
He suggested the US central bank’s next actions could resemble those taken during prior market interventions. Hayes added that if Bitcoin reclaims its high of $110,000, then further upside to $250,000 would be in play.
Hayes clarified that he views Bitcoin as more likely to rally to $110,000 than experiencing another decline to $70,000 levels in the short term. However, he still sees the potential for a pullback to that lower level once the rally peaks — warning that markets could become overextended in the event of exuberant liquidity-driven growth.
According to CryptoSlate data, Bitcoin was trading at around $88,460 as of press time, up more than 4% over the past 24 hours.
Momentum building
Hayes’ outlook aligns with other bullish market calls, including 10X Research, which recently said Bitcoin may have already bottomed.
The firm initially expected a deeper correction after Bitcoin broke below $95,000. However, a series of macroeconomic and geopolitical developments have since prompted a reassessment.
10X analysts noted early signs of bottom formation, bolstered by a shift in President Donald Trump’s rhetoric around trade policy.
Trump signaled a more flexible stance on the April 2 reciprocal tariffs, easing concerns over potential trade tensions and their impact on markets. This softening of tone was interpreted as a positive risk signal.
The outlook became more favorable after the March 17 CPI release, which indicated easing inflationary pressures. In response, 10X Research adjusted its stance from cautious to moderately bullish, seeing the data as supportive of a more accommodating Federal Reserve.
The FOMC meeting that followed confirmed expectations, with the Fed choosing to look beyond short-term inflation upticks and hinting at future policy easing.
These macro shifts — combined with stabilizing price action and improving technical indicators — led the firm to suggest that Bitcoin could be in the early stages of forming a durable bottom. While overall trading activity remains subdued, 10X maintains that the groundwork is being laid for a potential recovery in the weeks ahead.
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