Bitcoin Price Unlikely to Drop Below $35k, Claims Analyst
The post Bitcoin Price Unlikely to Drop Below $35k, Claims Analyst appeared first on Coinpedia Fintech News
In a recent Substack post, Arthur Hayes, the co-founder, and former CEO of BitMEX, has provided a noteworthy forecast for the future of Bitcoin (BTC), shedding light on when the cryptocurrency might hit its bottom.
BTC Expected to Dip to $30k – $35k
Building on this analysis, Hayes forecasts a significant 30% correction from the recent high of the spot Bitcoin Exchange Traded Fund (ETF) at $48,000. If this projection materializes, he envisions Bitcoin dropping into the $30,000 to $35,000 price range.
Coinpedia had earlier reported Arthur Hayes, the CEO of BitMEX, revealing his strategic move in a recent tweet. Hayes discloses his acquisition of “Put Options” with a strike price set at $35,000. With cryptocurrency already facing selling pressure, Hayes anticipates a potential 10-15% decline, pushing the price below the crucial support level of $40,000.
As Hayes navigates the intricacies of the market, his strategic moves and insights provide a comprehensive perspective on the potential trajectory of Bitcoin amidst evolving market conditions.
Bitcoin as a Hedge Against Inflation
Renowned for his bold predictions, Arthur Hayes anticipates potential relief measures from the Federal Reserve to stimulate economic growth.
Nevertheless, he firmly believes that cryptocurrencies are well-positioned to serve as a crucial hedge against inflation, especially given the perceived vulnerability of mainstream banks teetering on the edge of collapse.
Beyond Bitcoin: Hayes’ Altcoin Strategy
With a clear conviction regarding Bitcoin’s potential bottom before a rebound in a worst-case scenario, Arthur Hayes recently revealed a strategic shift in his altcoin portfolio.
Confirming the sale of his positions in Solana (SOL) and BONK, Hayes, a staunch supporter of the Solana ecosystem, acknowledges a potential continuation of a downward trend for Solana. This comes as the asset experienced a significant 12.3% loss in the past week amid an intense market sell-off.
Hayes, however, emphasized his strategic pivot, highlighting that if Bitcoin’s price falls below $35,000, he plans to accumulate Dogwifhat (WIF). As this move reflects his confidence in the meme coin’s potential to outperform as the market eventually enters the recovery phase.
