Prepare for Impact! Hayes Anticipates a 30% Drop in Bitcoin Price, Sets Sights on Dogecoin Rebound
Article Rewritten:
Key Points:
– Arthur Hayes, co-founder and former CEO of BitMEX, shares his insights on the future of Bitcoin and offers strategic moves in a recent Substack post.
– Hayes predicts a 30% correction for Bitcoin, expecting it to drop to the $30,000 to $35,000 price range due to ETF approval and market pressure.
– Despite the dip, Hayes believes that Federal Reserve intervention will boost the market, making crypto a valuable inflation hedge.
– Hayes sold his positions in Solana and plans to buy Dogwifhat if Bitcoin falls below $35,000.
In a thought-provoking Substack post, Arthur Hayes, the co-founder and former CEO of BitMEX, provides valuable perspectives on the future of Bitcoin. He offers technical analysis and strategic moves that demand attention.
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Read on to discover what he has to say, and more importantly, why.
Bitcoin Expected to Experience a Dip to $30,000 – $35,000
Expanding on his analysis, Hayes predicts a significant 30% correction from the recent high of the spot Bitcoin Exchange Traded Fund (ETF) at $48,000. If his projection materializes, he foresees Bitcoin dropping to a price range of $30,000 to $35,000.
Coinpedia previously reported on Arthur Hayes, the CEO of BitMEX, revealing his strategic move in a recent tweet. Hayes disclosed 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.
Understanding the Role of the Federal Reserve
Despite the predicted storm, Hayes sees a potential silver lining. He expects relief measures from the Federal Reserve to stimulate economic growth. Hayes asserts that cryptocurrencies remain crucial hedges against inflation, especially considering the possibility of mainstream banks teetering on the edge of collapse.
Shift in Altcoin Portfolio
Confirming the sale of his positions in Solana (SOL) and BONK, Hayes, a staunch supporter of the Solana ecosystem, acknowledges the potential continuation of a downward trend for Solana. This comes as the asset experienced a significant 12.3% loss in the past week during an intense market sell-off.
However, Hayes emphasized his strategic pivot, highlighting that if Bitcoin’s price falls below $35,000, he plans to accumulate Dogwifhat (WIF). This move reflects his confidence in the meme coin’s potential to outperform as the market eventually enters the recovery phase.