Arthur Hayes has closed his short position on Bitcoin.

The development came after BTC failed to hit Hayes’ forecast.

However, the former CEO made “enough” profit to foot his bills in Korea.

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.

While Bitcoin traded above Hayes’ forecast for the better part of the weekend, the former CEO earned a 3% profit, enough to cover his “food and bar tab” for the Korea Blockchain Week (KBW). The world’s largest crypto asset held steady above $53,000, jumping to a daily high of $54,662 on Sunday before paring some gains to trade at $53,938 at the time of writing. Sponsored

Shifting completely from his forecast, Hayes expressed confidence about a potential Bitcoin price rally as early as “next week.”

Arthur Hayes’ Bitcoin Price Prediction

In an X post on September 8, Arthur 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.

“With Bad Gurl Yellen watching mrkts and releasing a weekend statement, if stuff continues to puke next week $BTC *MIGHT* rise anticipating more $ liq.” Arthur Hayes wrote on X.

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

While Yellen said the U.S. economy remained strong, the secretary 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.”

Read about Arthur Hayes’ wild Bitcoin price forecast:Hayes Renews Faith in Bitcoin to $1M: Here’s How It Happens

Stay updated on how CFTC countered Kalshi’s recent court win:CFTC Challenges Kalshi’s Court Win with an “Emergency Motion”

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