BitMEX co-founder has reversed his previous bearish stance on Ethereum and re-entered the market, with the purchase of ETH after it surged past $4,000. Hayes cited that his decision was driven by technical analysis, stating, “The chart says it’s going higher”.
BitMEX co-founder has reversed his previous bearish stance on Ethereum and re-entered the market, with the purchase of ETH after it surged past $4,000. Hayes cited that his decision was driven by technical analysis, stating, “The chart says it’s going higher”.
In a recent interview, Hayes stated that Ethereum could reach $10,000 to $20,000 before the current cycle concludes. However, he clarified that this is achievable in the next 3-4 years rather than by year-end. Hayes attributes this bullish outlook to anticipated capital flows from digital asset treasury companies raising funds to purchase cryptocurrencies.
Hayes frames his bullish thesis around Donald Trump’s presidency, expecting a “massive bull market” in financial assets connected to Trump’s priorities between now and when he exits office. He emphasizes that if Trump succeeds in the 2026 election, voter satisfaction will depend on economic advancement and wealth creation.
The investor believes Trump’s focus on appearing successful will drive supportive policies for assets he considers important, including cryptocurrencies. This political timeline forms the foundation for Hayes’ extended bullish outlook on digital assets through the current administration. Hayes specifically noted that once ETH broke through its all-time high, it creates “a gap of error to the upside” with easier fundraising conditions for companies purchasing these assets.
When asked to choose between Ethereum and Solana for the remainder of the cycle, Hayes expressed his preference for ETH despite acknowledging that both will likely appreciate. He noted the shift in market sentiment from “everybody hated ETH” just two months prior to the current optimism.
Hayes acknowledged that Solana might provide higher percentage returns but emphasized Ethereum’s larger market presence and substantial capital flows. The decision shows his view that while SOL could outperform on a percentage basis, ETH offers better risk-adjusted returns given its market position.
Earlier, Haynes predicted that Ethereum would test $3,000 before breaking to new highs, showing his flexibility in adjusting views based on price action. The accumulation of $14.37 million in Ethereum-based tokens between August 10-20 supports his stated conviction.
However, with ETH riding high, Hayes’ change shows how technical breakouts can shift institutional sentiment, particularly when combined with favorable political and economic conditions that are expected to persist through the current presidential term.
