Monster-level altcoin season is coming, with Ethereum looking at $10,000?
Famous cryptocurrency billionaire and BitMEX founder Arthur Hayes issued an overly optimistic forecast on the X platform (formerly Twitter) last week, changing from a relatively cautious attitude to a positive outlook on the future trends of the cryptocurrency market.
Hayes pointed out that Bitcoin ($BTC) broke historical highs under sufficient trading volume support and predicted that Ethereum ($ETH) would follow Bitcoin's footsteps and is expected to outperform it, claiming everyone should prepare for the monster-level altcoin season, boldly predicting that Ethereum would reach a high of $10,000 during the altcoin season!
Bitcoin has recently surged, as of this morning (7/14), it is extremely close to the $120,000 mark on mainstream exchanges, while Ethereum ($ETH) has also risen back above $3,000, this wave of surge has driven the overall cryptocurrency market capitalization back above $3.6 trillion.
Further Reading:
Bitcoin is surging towards $120,000! The market has fully turned bullish, with 'these two coins' leading the altcoin market.
What are altcoins? How to invest? How to judge the altcoin season.
The once-called Big Beautiful Bill may suppress short-term trends, but now it is viewed positively.
Interestingly, before Hayes called for Ethereum, he had issued warnings about the short-term trends of the cryptocurrency market.
(Crypto City) previously reported that Hayes warned in early July that the (Big Beautiful Bill) could have a significant impact on Bitcoin's price, predicting that Bitcoin could fall to the $90,000 to $95,000 range.
At that time, he analyzed that the Treasury's replenishment of the General Account (TGA) would have a negative impact on dollar liquidity, predicting a liquidity crunch of $486 billion.
Further Reading:
BitMEX founder: Bitcoin could fall to $90,000! Key bills have a significant impact, having liquidated some altcoins.
However, last Friday, he admitted that his previous analysis was too cautious, and the changing market environment prompted him to revise his earlier predictions, now turning significantly bullish.
His family office, Maelstrom, had previously liquidated all low liquidity altcoin positions, but now Hayes states that he is increasing investment efforts, indicating a significant adjustment in his investment strategy.
The main reason for Hayes' shift in market outlook to optimistic is the market's positive view on President Trump's tariff policy. Hayes believes the market thinks Trump will 'TACO', meaning his previously tough stance will soften.
Analyst: U.S. policies will trigger expectations of monetary easing.
In addition, according to a report by (The Block), Nansen research analyst Nicolai Søndergaard stated:
'The development of U.S. policies such as fiscal expansion and further monetary easing expectations undoubtedly creates a favorable background for Bitcoin to rise.'
Currently, Trump's 'Big Beautiful Bill' has officially passed into law and is seen as a key factor in promoting economic stimulus policies and money printing, which generally benefits Bitcoin as a hedge against currency devaluation.
At the same time, the U.S. Bitcoin spot ETF continues to see inflows of funds, and Federal Reserve Board member Christopher Waller hinted that cooling U.S. inflation could lead to a rate cut in July, providing additional support for Bitcoin's price.
As the new week begins, the market is currently focused on the Consumer Price Index (CPI) on July 15 and the FOMC meeting on July 30, as well as the U.S. House of Representatives beginning to review three major cryptocurrency bills.
Although the market predicts only a 7% chance of announcing a rate cut this month based on the CME's FedWatch tool, Hayes' optimistic attitude reflects that some well-known investors' confidence in the cryptocurrency market outlook is recovering.
Further Reading:
US House of Representatives: 'Cryptocurrency Week' is coming on 7/14! Three key cryptocurrency bills will be reviewed.
'Billionaire: Monster-level altcoin season is coming! Key positive developments, Ethereum looking at $10,000' was first published in 'Crypto City'
