Analyst Claims Bitcoin Price is Unlikely to Fall Below $35k

Arthur Hayes, the co-founder and former CEO of BitMEX, recently shared his thoughts on the future of Bitcoin (BTC) in a Substack post. He made a notable prediction about when the cryptocurrency might reach its lowest point.

Hayes predicts that there will be a significant 30% drop from the recent high of the spot Bitcoin Exchange Traded Fund (ETF), which was at $48,000. If this forecast turns out to be accurate, Bitcoin could fall to a price range of $30,000 to $35,000.

In a previous report by Coinpedia, Hayes revealed his strategic move of acquiring “Put Options” with a strike price set at $35,000. He expects a potential 10-15% decline in the cryptocurrency’s price, which could push it below the important support level of $40,000.

As Hayes navigates the complexities of the market, his strategic decisions and insights offer a comprehensive view of Bitcoin’s potential trajectory in the face of changing market conditions.

Hayes also believes that cryptocurrencies, including Bitcoin, can serve as a valuable hedge against inflation. He anticipates that the Federal Reserve will implement relief measures to stimulate economic growth. However, he remains confident in the resilience of cryptocurrencies, especially considering the perceived vulnerability of mainstream banks on the brink of collapse.

In addition to Bitcoin, Hayes recently made changes to his altcoin portfolio. He confirmed that he sold his positions in Solana (SOL) and BONK, acknowledging the possibility of a continued downward trend for Solana. The asset experienced a significant 12.3% loss in the past week due to a market sell-off.

However, Hayes emphasized his strategic pivot and stated that if Bitcoin’s price falls below $35,000, he plans to accumulate Dogwifhat (WIF). He has confidence in this meme coin’s potential to outperform as the market eventually enters the recovery phase.