Arthur Hayes, co-founder of BitMEX, predicts Bitcoin will bottom out in January 2026 before climbing to $250,000. Hayes anticipates the Federal Reserve will initiate "Reserve Management Purchases," enhancing liquidity and driving asset prices higher. He has allocated 90% of his capital to the market, with a preference for privacy coins and Ethena (ENA). Additionally, Hayes foresees a new altseason emerging, influenced by shifts in the fear and greed index.