Hayes Backs Tokens With Real Demand

• Arthur Hayes says Bitcoin can double in months as exchange supply tightens and liquidity expands.
• He sets an Ethereum $10,000 target as a catch up move in the current cycle.
• Altcoin shakeout filter: he backs real-demand, cash-flow tokens like Pendle, EtherFi, Ethena.

Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, recently predicted that Bitcoin could more than double within the next few months. His view rested on prior cycles where sharp surges followed steep drops in available exchange supply. 

At the moment, Bitcoin consolidated below recent highs, but Hayes expected the next phase to accelerate as global liquidity expanded. If his projection plays out, Bitcoin could reach well beyond $200,000, matching or even exceeding cycle expectations from several analysts.

 “Can Bitcoin double or more than double in, you know, two months? Absolutely. We’ve done it before, right?,” he said.

The Four-Year Cycle May Still Hold

Hayes remained open to the traditional four-year crypto cycle, explaining that prior bull markets aligned with monetary expansion in the United States and China. If that pattern continues, he expects this cycle to peak around late 2026 or early 2027, although shorter-term spikes such as Bitcoin doubling within months remain possible before then.

With liquidity expanding worldwide and institutional attention returning to digital assets, Hayes said both Bitcoin and Ethereum were positioned for a powerful continuation of the bull run.

Select Altcoins Could Outperform

Not all altcoins will benefit equally from the next market rally. “High-quality” tokens with genuine use cases and consistent revenue models are likely to perform better than speculative assets. Projects such as Pendle, EtherFi, and Ethena were cited as examples of tokens where real users pay with Bitcoin, Ethereum, or stablecoins, giving these ecosystems measurable value flow.

According to Hayes, recent market liquidations exposed the weaknesses of low-liquidity tokens that depended mainly on market-making agreements. In contrast, projects with real demand and cash flow remained relatively resilient.

Ethereum’s Catch-Up Phase Could Lift It to $10,000

Hayes said Ethereum could reach $10,000 by the end of the year. He said analyst Tom Lee has been helping more investors understand Ethereum’s long-term potential and its growing importance in digital asset markets.

Ethereum has lagged behind other major blockchains this cycle, but it’s likely to catch up soon. He added that both the price chart and fundamentals support a strong move higher, making $10,000 a realistic target.