Crypto News- BitMEX co-founder and former CEO, Arthur Hayes, recently shared his bold Bitcoin (BTC) price forecast, bringing an end to the speculation surrounding the coin’s impending bottom. In a thought-provoking Substack post, Hayes leveraged insights from the global economy to highlight the fragile nature of abated inflationary pressures, suggesting a rapid resurgence.
Bitcoin Bottom: Arthur Hayes Makes Important Prediction
Hayes predicts a substantial 30% correction from the recent high of the spot Bitcoin Exchange Traded Fund (ETF) at $48,000. Should this projection materialize, he envisions Bitcoin descending into the $30,000 to $35,000 price range. The recent approval of 11 spot BTC ETFs by the United States Securities and Exchange Commission (SEC) triggered a decline in Bitcoin’s value. As of the latest update, Bitcoin has experienced a modest 0.64% decrease in the past 24 hours, currently standing at $40,042.44. Notably, this marks a recovery from the coin’s recent low of $39,105.51.
Arthur Hayes’ Crypto Crystal Ball: Bitcoin’s Impending Bottom and Altcoin Strategies Unveiled
Known for his fearless predictions, Hayes speculates on potential relief measures from the Federal Reserve to foster economic growth. Nevertheless, he remains convinced that cryptocurrencies, particularly Bitcoin, are poised to serve as a crucial hedge against inflation, especially as mainstream banks teeter on the brink of collapse.
Looking beyond Bitcoin, Hayes has made strategic moves in his altcoin portfolio. Confirming his current divestment from Solana (SOL) and BONK at a slight loss, Hayes, a staunch supporter of the Solana ecosystem, acknowledges the possibility of further downward pressure on these assets. Interestingly, he hints at potential buying opportunities if Bitcoin falls below $35,000, expressing interest in Dogwifhat (WIF), a meme coin with perceived resilience in the market’s recovery phase.