Arthur Hayes reveals two altcoin tips and warns that Bitcoin will fall even further – here is his outlook
BitMEX co-founder Arthur Hayes says he believes the price of Bitcoin (BTC) will continue to fall and that he is ready to add to certain altcoins if that happens.
In a new analysis, Hayes notes that the crypto king is due a 30% correction from its peak of around $48,000 in 2024, which it reached after BTC exchange-traded funds (ETFs) earlier this year were approved.
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 high of $48,000 is $33,600. Therefore, I believe Bitcoin has support between $30,000 and $35,000. For this reason, I purchased $35,000 worth of strike puts on March 29, 2024. I also exited my trading positions in Solana and Bonk with a slight loss.
Bitcoin and cryptocurrencies in general are the last freely traded markets in the world. Therefore, they will anticipate changes in dollar liquidity before the manipulated TradFi fiat stock and bond markets (traditional finance).”
Hayes goes on to say that he will begin “bottom fishing” when Bitcoin falls below $35,000, with the goal of snapping up the Solana (SOL) smart contract as well as Dogwifhat (WIF), a meme asset based on based on its competitor Ethereum (ETH).
“I will recharge Solana and WIF. Bonk is the money of the last cycle, and if not [WIF]It ain’t shit.”
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, a slight increase from the last day. The highest-valued crypto asset by market capitalization has fallen nearly 7% in the past week.
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