Arthur Hayes: Bitcoin Bull Market Is Underway, Eyes Return to $126,000
Arthur Hayes argues Bitcoin's bull market has already started and says a renewed surge in US dollar and Chinese yuan liquidity could lift BTC back to $126,000. In his May 12 essay "The Butterfly Touch," he links the next crypto upswing to macro credit expansion driven by AI infrastructure spending, military escalation, and a shift away from just-in-time supply chains. At press time, Bitcoin was trading at $80,680.