BitMEX Co-Founder Arthur Hayes Closes Short Bitcoin Position, Expresses Confidence About a Potential Price Rally as Early as 'Next Week”

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.

BitMEX co-founder Arthur Hayes closed his short position on the Bitcoin price two days after opening the trade. While Bitcoin traded above Hayes’ forecast for the better part of the weekend, the former CEO earned a 3% profit from the short trade, which he said is enough to cover his “food and bar tab” for the Korea Blockchain Week (KBW).

After predicting that Bitcoin could drop below $50,000 over the weekend, Hayes expressed confidence about a potential BTC price rally as early as “next week.”

Bitcoin Price Held Steady Above $53,000

The world’s largest cryptocurrency by market capitalization remained above $53,000 throughout the weekend. On Sunday, the Bitcoin price reached a daily high of $54,662 before paring some gains and trading at $53,938 at the time of writing.

Bitcoin price chart for September 11, 2023. BTC/USD price reached a daily high of $54,662 on Sunday. (TradingView)

After rising to a local top of $54,662, Bitcoin lost momentum at the upper Bollinger Band and began trading sideways within a narrow range.

Bitcoin’s price action comes as the U.S. dollar index (DXY) continued to trade within a consolidation pattern after rising to a two-decade high earlier this month. The DXY dropped below 110.00 on Friday, Sept. 8.

Bitcoin’s weekend price movement also follows a 142,000 increase in U.S. nonfarm payrolls in August, which fell short of the 161,000 jobs predicted by economists polled by Dow Jones.

Despite the lower-than-expected payrolls growth, U.S. Treasury Secretary Janet Yellen said the American economy remained strong, although she noted a “downward risk” with the slowing labor market.

Hayes Predicted Bitcoin Price Rally ‘Next Week’

In an X post on Friday, Sept. 8, 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.

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

Bad Gurl Yellen is watching, if markets go down more she will definitely pump up the jam by printing more money. pic.twitter.com/L81vc07as9

Yellen said the U.S. economy remained strong, but she noted a “downward risk” with the slowing labor market, which 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.”

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