Arthur Hayes Exits Bitcoin Short Position Amid BTC Price Wobble

• Arthur Hayes has closed his short position on Bitcoin.
• The development came after BTC failed to hit Hayes’ forecast.
• However, the former CEO made “enough” profit to foot his bills in Korea.

BitMEX co-founder Arthur Hayes closed his short position on the Bitcoin price two days after opening the trade with the aim of sub-$50,000 over the weekend.

While Bitcoin traded above Hayes’ forecast for the better part of the weekend, the former CEO earned a 3% profit, enough to cover his “food and bar tab” for the Korea Blockchain Week (KBW). The world’s largest crypto asset held steady above $53,000, jumping to a daily high of $54,662 on Sunday before paring some gains to trade at $53,938 at the time of writing.

Shifting completely from his forecast, Hayes expressed confidence about a potential Bitcoin price rally as early as “next week.”

Arthur Hayes’ Bitcoin Price Prediction

In an X post on September 8, Arthur Hayes predicted that Bitcoin’s price might make a strong comeback next week, buoyed by an expected influx of U.S. dollar liquidity from the Federal Reserve.

“With Bad Gurl Yellen watching mrkts and releasing a weekend statement, if stuff continues to puke next week $BTC *MIGHT* rise anticipating more $ liq.” Arthur Hayes wrote on X.

The Bitcoin price prediction came a day after Hayes suggested that the U.S. Treasury Secretary Janet Yellen might “pump up the jam” created by a possible economic downturn “by printing more money.”

While Yellen said the U.S. economy remained strong, the secretary noted a “downward risk” with the slowing labor market. The labor market added 142,000 jobs in August, lower than the Dow Jones forecast of 161,000.

The cooler-than-expected nonfarm payrolls data renewed worries about a slowing economy, but Yellen reiterated not seeing the “red lights flashing.”

Read about Arthur Hayes’ wild Bitcoin price forecast:
Hayes Renews Faith in Bitcoin to $1M: Here’s How It Happens

Stay updated on how CFTC countered Kalshi’s recent court win:
CFTC Challenges Kalshi’s Court Win with an “Emergency Motion”