BitMEX co-founder Arthur Hayes says he thinks Bitcoin (BTC) will continue to fall in price, and he’s willing to buy specific altcoins if it does.
In a new analysis, Hayes notes that the crypto king needs a 30% correction from its 2024 high of around $48,000, which it reached after BTC exchange-traded funds (ETFs) were approved earlier this year.
According to Hayes, this would take Bitcoin to the $33,600 level as it ultimately forms a support zone between $30,000 and $35,000.
“A 30% correction from the ETF approval height of $48,000 is $33,600. Therefore, I believe Bitcoin has support between $30,000 and $35,000. That’s why I bought $35,000 strike wells on March 29, 2024. I also dumped my trading positions in Solana and Bonk at a small loss.
Bitcoin and crypto in general are the last freely traded markets worldwide. As such, they will anticipate changes in dollar liquidity ahead of the manipulated TradFi (traditional finance) fiat stock and bond markets.”
Hayes goes on to say that he will start “bottom fishing” when Bitcoin falls below $35,000, with the aim of scooping up both the Solana (SOL) smart contract and Dogwifhat (WIF), a meme asset built on the Ethereum (ETH )-competitor.
‘I’ll load Solana and WIF. Bonk is last cycle’s dog money, and if not [WIF]it is no ***.”
Dogwifhat is trading at $0.343 at the time of writing and is up almost 50% in the last 24 hours, while Solana is trading at $86.16 at the time of writing and is up almost 5.5% in the last day.
Bitcoin is trading at $40,008 at the time of writing, up marginally from the past day. The highest-ranked crypto asset by market capitalization has fallen nearly 7% in the past week.
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Generated image: Midjourney
