Godfrey Benjamin
Arthur Hayes announces Bitcoin (BTC) price floor amid current banking pressure
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BitMEX co-founder and former CEO Arthur Hayes has released a major Bitcoin (BTC) price prediction that puts an end to speculation about when the coin will test its bottom.
Expected Bitcoin price floor
Arthur Hayes shared his findings in a new Substack post, drawing conclusions based on the state of the global economy to determine how vulnerable the easing inflation pressures are to an early return.
Based on this, he predicts a 30 percent correction from the Bitcoin Exchange Traded Fund (ETF)’s current high of $48,000. If this prediction comes true, he expects Bitcoin to fall to the $30,000 and $35,000 price range.
Bitcoin has been in free fall since the US Securities and Exchange Commission (SEC) gave the green light to the 11 spot BTC ETFs now trading on the market. At the time of writing, Bitcoin is down a minor 0.64% over the past 24 hours to $40,042.44. This is an impressive figure that shows recovery as the coin has fallen as low as $39,105.51 in the last 24 hours.
Arthur Hayes, known for his bold predictions, believes the Federal Reserve may introduce some relief to support growth; Still, he believes crypto will play a key role as a hedge against inflation as mainstream banks teeter on the brink of collapse.
Beyond Bitcoin, Hayes' altcoin backup
Clearly aware of where Bitcoin could fall before its worst-case recovery, Arthur Hayes confirmed that he has currently sold his positions in Solana (SOL) and BONK at a slight loss.
Hayes is a big supporter of the Solana ecosystem and the sell-off shows that there may be another downward spiral underway for the asset, which has lost 12.3% of its value in the past week due to an intense sell-off.
However, Hayes noted that if Bitcoin falls below $35,000, he would begin adding to Dogwifhat (WIF), confirming the meme coin's potential to outperform when the market finally enters the recovery phase .
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
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