Key Takeaways
- Arthur Hayes predicts that BTC is likely to break through the $126,000 mark
- Increased investment in AI and liquidity supply between the U.S. and China will support the bull market
Hayes: “BTC Will Break Through $126,000 Again”
On May 12, 2026, Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, expressed his view in his newsletter that Bitcoin (BTC) has reached its lowest level at $60,000 (approximately 9.4 million yen).
He also opined that large-scale liquidity supply centered on the U.S. and China will continue, and that BTC is likely to break through the last record high of $126,000 (about 19.8 million yen) yet again.
He adds that when the price of bitcoin breaks through $90,000 dollars (about 14.1 million yen), there is a possibility that a buyback by call sellers (covered calls) will happen. And this will further accelerate the upward trend.
Hayes pointed to the accelerated expansion of AI-related capital investment (CAPEX), the increase in costs related to the escalation of the war in the Middle East, and the shift of de-dollar assets as the main causes behind the bull market.
The War Between the U.S. and Iran Has Formed a Bull Market
Hayes reasons that the current bull market materialized since the U.S. attacked Iran on February 28, 2026.
According to Hayes, bitcoin has outperformed the Nasdaq 100 Index, gold, and the U.S. Software Stock Index (IGV) since the war started.
On the other hand, he cautioned that the market is also skeptical of the current bitcoin bull market, as bitcoin’s performance has sluggish compared to tech stocks and gold over the past 24 months.
To add to that, Hayes believes that the effect of the expansion of liquidity supply by the U.S. and China will become more apparent in the future, which will help push bitcoin even further in the market.
