BitMEX co-founder Arthur Hayes said he thinks the price of Bitcoin (BTC) will continue to fall and that he is prepared to invest in certain altcoins if it does.
In the new analysis, Hayes points out that the cryptocurrency kingpin could see a 30% correction from the 2024 high of around $48,000 it reached after its BTC exchange-traded fund (ETF) was approved earlier this year.
According to Hayes, this could lead to Bitcoin ultimately rising towards the $33,600 level as it forms a support zone between $30,000 and $35,000.
“A 30% adjustment from the ETF’s approved high of $48,000 is $33,600. Therefore, I believe Bitcoin supports between $30,000 and $35,000. This is why I purchased a $35,000 strike put option on March 29, 2024. I also took some losses and abandoned my trading positions on Solana and Bonk.
Bitcoin and cryptocurrencies in general are the last freely traded markets globally. Therefore, they will expect changes in dollar liquidity before the rigged TradFi (traditional finance) fiat stock and bond markets.”
Hayes went on to say that if Bitcoin falls below $35,000, he will start “fishing for the bottom” with the goal of securing smart contracts Solana (SOL) and Dogwifhat (WIF), a memetic asset built on an Ethereum (ETH) competitor. .
“I’m going to load Solana and WIF. Bonk is puppy money from the last cycle, otherwise (WIF) it’s no big deal***.”
Dogwifhat is trading at $0.343 at the time of writing and is up nearly 50% over the past 24 hours, while Solana is trading at $86.16 at the time of writing and is up nearly 5.5% over the past day.
At the time of writing, Bitcoin is trading at $40,008, a slight increase over the past day. The top cryptocurrency asset by market cap fell nearly 7% in the past week.
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