Bitcoin to $110K Will Trigger Next Altcoin Season, Says Ex-BitMEX CEO
The long-anticipated “altseason” may still be a few steps away, according to Arthur Hayes — and Bitcoin is the key. In a recent interview with Fortune, the former BitMEX CEO stated that the altcoin market won’t truly ignite until Bitcoin crosses the $110,000 mark and sustains its upward trajectory.
Currently, Bitcoin is trading just under $103,000, inching closer to its previous all-time high of nearly $109,000. However, Hayes believes the real fireworks won’t begin unless BTC surges past $110,000 and pushes toward the $150,000–$200,000 range — a move he expects could materialize as early as June or later in Q3, driven by rising market liquidity and trading volume.
“Your portfolio that isn’t moving probably isn’t moving for a reason,” Hayes said. “A lot of those coins have high FDV, low float, no customers, no revenue — just some CEX listings, and they’re down 95%.”
Altseason Will Look Different This Time
Hayes cautioned that the next altcoin rally will look vastly different from the euphoric bull market of 2021. In his view, many legacy tokens — what he calls “dino coins” — are unlikely to recover due to flawed fundamentals, including inflated fully diluted valuations (FDVs), low user adoption, and minimal revenue.
Instead, he suggests investors should focus on tokens with real utility, growing user bases, and solid economic models. The era of speculative pumps driven by hype and centralized exchange listings may be behind us, according to Hayes.
Ethereum vs. Solana: Hayes Still Bets on ETH
Weighing in on the ongoing Ethereum vs. Solana debate, Hayes reaffirmed his support for Ethereum despite Solana’s explosive price run from $7 to over $170. While acknowledging Solana’s speed and momentum, he emphasized Ethereum’s superior fundamentals — including a larger developer ecosystem, the highest total value locked (TVL) in DeFi, and a more secure proof-of-stake model.
For long-term sustainability, Hayes sees Ethereum as the more dependable choice.
Bold Bitcoin Predictions: $250K This Year, $1M by 2028?
Hayes also doubled down on his bold Bitcoin price predictions. He forecasts BTC could hit $250,000 by the end of 2025, and potentially soar to $1 million by 2028 — particularly if Donald Trump wins a second term in the U.S. presidency.
His bullish stance is underpinned by concerns about the U.S. economy. Hayes argues that the U.S. Treasury is masking the true extent of its spending by drawing from reserves and underfunded programs, creating a flood of dollar liquidity. According to Hayes, this excess liquidity ultimately fuels risk assets like Bitcoin and gold.
Gold Still a Key Part of Hayes’ Strategy
While bullish on Bitcoin, Hayes isn’t neglecting traditional assets. He revealed that 20% of his portfolio is allocated to gold, including both physical bullion and gold mining stocks. He expects central banks to continue accumulating gold and even speculated that the U.S. might eventually revalue its gold reserves to weaken the dollar — predicting a possible gold price target between $10,000 and $20,000 by the end of this market cycle.
Final Thoughts: Not All Coins Will Survive
Hayes offered a clear message for investors: this bull market will be selective. Bitcoin must lead the charge, but not all altcoins will follow. The days of broad-based rallies may be over — and survival now depends on real value, utility, and user adoption.
