30% Bitcoin Crash Incoming? Arthur Hayes Warns, Bets on THESE Altcoins Instead
Qadir AK27 Jan 20242 min read
Well, it’s apparent that 2024 hasn’t started out on a very positive note, and the market sentiments are highly bearish at present. Now, all eyes turn to , the former CEO of BitMex. In a strategic move, he is shifting his Bitcoin bet towards alternative cryptocurrencies, amplifying the challenges for Bitcoin, which is grappling to maintain its position in the $40K range.
Dive into his insights for a better idea on how to navigate YOUR crypto holdings too.
A Daring Bet on Altcoins
Former BitMEX CEO, Arthur Hayes, predicts a further decline in Bitcoin’s price and stands poised to capitalize on opportunities arising from specific altcoins should such a drop occur.
According to Hayes, there is a possibility of a 30% correction for Bitcoin from its recent high of $48,000 in 2024, following the approval of BTC exchange-traded funds (ETFs), expecting a potential support level of around $33,600 within the $30,000 to $35,000 range. He has also taken strategic moves, acquiring $35,000 strike puts and letting go of trading positions in Solana and Bonk, even if it meant a slight loss.
The last open markets
In Hayes’ perspective, Bitcoin and crypto represent the final open markets globally, offering better insights into shifts in dollar liquidity compared to traditional financial markets. With plans to engage in “bottom fishing” if Bitcoin falls below $35,000, Hayes sets his sights on investments in Solana (SOL) and Dogwifhat (WIF), a meme asset on Ethereum’s rival platform.
Top Investment Picks
Currently, Dogwifhat is trading at $0.343, showcasing an impressive nearly 50% increase in the past 24 hours. Meanwhile, Solana is priced at $86.16, experiencing an upward movement of almost 5.5% in the last day. Despite Dogwifhat’s price fluctuating between $0.330 and $0.355, experts remain cautious about its future trajectory, with technical indicators casting uncertainty over its potential return to the mid-January high of around $0.45, a sentiment echoed by Hayes with cautious optimism.
Now, the stakes are high in the market and every move is under scrutiny. Keep a close eye on the updates and stay tuned to Coinpedia for maximum success!
