BitMEX Co-Founder Arthur Hayes Predicts Bitcoin Price Floor, Anticipates Further Correction

BitMEX Co-Founder Arthur Hayes Predicts Bitcoin Price Floor, Anticipates Further Correction

Crypto News – In a recent Substack post, Arthur Hayes, the co-founder and former CEO of BitMEX, has unveiled a substantial Bitcoin (BTC) price prediction that addresses ongoing speculation about when the cryptocurrency will reach its lowest point.

Anticipated Bitcoin Price Floor

Drawing from insights rooted in the state of the global economy, Hayes highlights the vulnerability of diminishing inflationary pressures, which he believes could resurge swiftly. Based on these observations, he anticipates a 30% correction from the recent peak of the Bitcoin Exchange Traded Fund (ETF) at $48,000. If this projection materializes, Hayes foresees Bitcoin potentially dropping to a range between $30,000 and $35,000.

Bitcoin’s Recent Performance

Bitcoin has been on a downward trajectory since the United States Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs for trading in the market. At the time of writing, Bitcoin has experienced a relatively mild 0.64% decline in the past 24 hours, bringing it to a value of $40,042.44. This figure marks a noteworthy recovery, considering that Bitcoin had briefly fallen as low as $39,105.51 within the same 24-hour period.

Hayes’ Perspective on Crypto Amid Economic Uncertainty

Known for his penchant for bold predictions, Arthur Hayes also suggests that the Federal Reserve might introduce certain measures to stimulate economic growth. Nevertheless, he remains steadfast in his belief that cryptocurrencies are well-positioned to serve as a hedge against inflation, especially as mainstream banks face potential collapse.

Hayes’ Altcoin Strategy

In addition to his Bitcoin forecast, Hayes has revealed his recent actions in the altcoin market. He confirms that he has recently sold off his holdings in Solana (SOL) and BONK, albeit at a slight loss. Notably, Hayes has been a prominent advocate for the Solana ecosystem. This move signals the possibility of further downward movement for Solana, which has seen a 12.3% decrease in value over the past week amid a significant sell-off.

However, Hayes has also indicated that should Bitcoin’s price drop below $35,000, he intends to increase his position in Dogwifhat (WIF), citing the meme coin’s potential to outperform when the market eventually enters a recovery phase.