Arthur Hayes Shares His Top Two Altcoin Picks, Predicts Bitcoin Will Experience a 30% Correction
As the new year of 2024 begins with a bearish start, Arthur Hayes, the co-founder of BitMEX, is making a significant shift in his investment strategy. Known as an American investor, business visionary, subsidiary merchant, Bitcoin advocate, and fintech pioneer, Hayes has decided to divert his focus from Bitcoin to other altcoins. This move could potentially add to Bitcoin’s woes as it struggles to maintain its position in the $40K range, with further declines predicted in the coming weeks.
Hayes, who previously served as the CEO of BitMEX, shares his belief that Bitcoin’s price will continue to decline. In preparation for such a scenario, he has identified specific altcoins as potential investment opportunities. Hayes predicts a possible 30% correction for Bitcoin from its recent high of $48,000, following the approval of BTC exchange-traded funds (ETFs). He anticipates a support level of around $33,600 within the $30,000 to $35,000 range. To capitalize on this potential decline, Hayes has strategically acquired $35,000 strike puts and has let go of trading positions in Solana and Bonk, even if it meant incurring a small loss.
Hayes holds a unique perspective on Bitcoin and cryptocurrencies, considering them to be the last open markets globally. He believes that these markets can better anticipate shifts in dollar liquidity compared to traditional finance markets. In the event that Bitcoin falls below $35,000, Hayes plans to engage in “bottom fishing” and invest in the smart contract platform Solana (SOL) and Dogwifhat (WIF), a meme asset on Ethereum’s rival.
Currently, Dogwifhat is experiencing a trading price of $0.343, showing an almost 50% increase in the past 24 hours. On the other hand, Solana is valued at $86.16, reflecting an increase of nearly 5.5% in the last day. Dogwifhat’s price has been fluctuating between $0.330 and $0.355 recently, indicating a considerable amount of volatility. Some experts speculate that it may rise back to around $0.45, similar to its value in mid-January. However, the technical indicators do not provide clear signals at the moment, adding uncertainty to its future price.
In summary, Arthur Hayes, the former CEO of BitMEX, is shifting his focus from Bitcoin to other altcoins, anticipating a further decline in Bitcoin’s price. He has strategically acquired put options and has let go of trading positions in Solana and Bonk. Hayes believes that the openness of the cryptocurrency markets allows for better anticipation of shifts in dollar liquidity compared to traditional finance markets. If Bitcoin falls below $35,000, he plans to invest in Solana and Dogwifhat. However, the future prices of these altcoins remain uncertain, and caution is advised.