spot_imgspot_imgspot_img

BitMEX Co-Founder Hayes Says Bitcoin Could Drop Below $35,000!

  • The world’s largest cryptocurrency, Bitcoin (BTC), shows a slight increase of 0.3%, reaching $40,010.
  • In case Bitcoin drops below the $35,000 threshold, Hayes has revealed a plan for opportunistic buying.
  • Martinez suggests a scenario where Bitcoin could drop to $32,700, aligning with the 50% Fibonacci retracement level.

While Bitcoin’s price experiences a mild recovery, Arthur Hayes, the co-founder of BitMEX, has disclosed potential levels to which the Bitcoin price could drop.

Arthur Hayes Reveals Striking Bitcoin Prediction

The world’s largest cryptocurrency, Bitcoin (BTC), shows a slight increase of 0.3%, reaching $40,010. Some on-chain indicators suggest that the BTC price could potentially drop another 10-15% from this point.

BitMEX co-founder Arthur Hayes, in his recent statement sharing views on the Bitcoin market, predicted that Bitcoin, which reached a peak of $48,000 after ETF approval, could potentially experience a 30% decline. Hayes believes that the cryptocurrency could find support in the range of $30,000 to $35,000.

Adopting a cautious approach, Hayes disclosed that he purchased $35,000 end-of-term options on March 29, 2024, and is prepared for a possible market decline. He also outlined a strategic move to liquidate trading positions in Solana and Bonk with marginal losses.

In the event of Bitcoin falling below the $35,000 threshold, Hayes revealed a plan for opportunistic buying, emphasizing a focus on accumulating positions in Solana and WIF. Hayes expressed a negative stance on the current outlook for Bitcoin, stating it is “very heavy” and expecting it to fall below $40,000.

The strategic move of opening long positions in $35,000 end-of-term options on March 29, 2024, aligns with the expectation of a market decline associated with the announcement of the U.S. Treasury’s periodic repayment scheduled for January 31, 2024.

BTC On-chain Data

In a recent analysis by leading crypto analyst Ali Martinez, the focus was on patterns observed in Bitcoin (BTC) price movements during past bull cycles. Martinez highlighted a recurring behavior where Bitcoin tends to retrace to the 50% Fibonacci level after reaching the 78.6% Fibonacci level following the last two bull cycles.

Drawing parallels with the current market scenario, Martinez signaled a potential correction in the near term, indicating that Bitcoin could reach $32,700, aligning with the 50% Fibonacci retracement level.

Explaining a broader sentiment cycle for Bitcoin, Martinez pointed out transitions from collapse to hope, optimism, and belief, resembling historical shifts. Following this cycle, there typically comes a phase of concern characterized by a price correction. The analysis suggests that despite the ongoing retracement, Martinez remains optimistic, indicating that the observed 20% correction could be a temporary hurdle before the resumption of the overall upward trend for BTC.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.

Bitcoin Eyes $70,000 Milestone: Bloomberg’s McGlone Predicts Shift from Gold to Crypto

As Bitcoin approaches the $70,000 mark, Bloomberg's Mike McGlone forecasts a pivotal transition in investment from gold to cryptocurrency, signaling a transformative phase in asset allocation.

Can XRP Price Reach $1? Noted Analyst Reveals Prediction!

Ripple's XRP token is trading below $0.60; what will be the next target for the XRP token? Current predictions!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
spot_imgspot_imgspot_imgspot_img

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.