Arthur Hayes Warns of Potential 30% Bitcoin Crash and Advises Investing in THESE Altcoins Instead
2024 has kicked off on a bearish note, with Bitcoin struggling around the $40,000 mark and facing the possibility of a 30% drop, according to Arthur Hayes, the former CEO of BitMEX. If Bitcoin falls below $35,000, Hayes expects to profit from alternative cryptocurrencies such as Solana and Dogwifhat. However, he advises caution due to market volatility and technical indicators suggesting limited upside for Dogwifhat.
Arthur Hayes is an American investor, business visionary, and Bitcoin advocate. He co-founded BitMEX, a digital asset trading platform, in 2014. BitMEX has traded trillions of dollars on the cryptocurrency exchange and is based in Seychelles. Hayes stepped down as CEO in October 2020 and is now based in Hong Kong.
In a strategic move, Hayes is shifting his Bitcoin bet towards alternative cryptocurrencies, posing challenges for Bitcoin’s position in the $40K range. He predicts a further decline in Bitcoin’s price and is prepared to capitalize on opportunities arising from specific altcoins if such a drop occurs.
Hayes believes there is a possibility of a 30% correction for Bitcoin, with a potential support level of around $33,600. He has acquired $35,000 strike puts and has let go of trading positions in Solana and Bonk, even if it resulted in a slight loss.
According to Hayes, Bitcoin and crypto represent the final open markets globally, offering better insights into shifts in dollar liquidity compared to traditional financial markets. He plans to engage in “bottom fishing” if Bitcoin falls below $35,000 and is focusing on investments in Solana and Dogwifhat, a meme asset on Ethereum’s rival platform.
Currently, Dogwifhat is trading at $0.343, with a nearly 50% increase in the past 24 hours. Solana is priced at $86.16, experiencing an upward movement of almost 5.5% in the last day. However, experts remain cautious about Dogwifhat’s future trajectory, with technical indicators casting uncertainty over its potential return to previous highs.
In conclusion, the market is highly volatile, and every move is under scrutiny. It is important to stay updated and informed for maximum success in the crypto market.