bitcoin/bitmex-ceo-bitcoin-experiment-bright-future/” rel=”nofollow noopener” target=”_blank”>Arturo HayesFormer CEO and co-founder of crypto exchange BitMEX, has predicted how low bitcoin could fall next its recent decline. Hayes also revealed two altcoins that he will invest in once bitcoin hits the current bottom.
bitcoin will continue to fall to just $33,600
Mostly recent blog postHayes hinted that bitcoin was going to experience a 30% correction since bitcoin Spot ETF Maximum approval of $48,000. If so, the flagship crypto token is expected to fall to $33,600. In line with this, Hayes believes that btc will thereafter form support between $30,000 and $35,000.
bitcoin/bitcoin-downfall-arthur-hayes/#:~:text=The%20BitMEX%20co%2Dfounder%20noted,being%20a%20store%20of%20value.” rel=”nofollow noopener” target=”_blank”>The co-founder of BitMEX was preparing for when that happens, and revealed that he had purchased put options for bitcoin for $35,000. Hayes further explained a scenario in which he will double down on his cryptocurrency investments.
He believes that the Bank Term Financing Program (BTFP) It will not be renewed because neither Janet Yellen nor Jerome Powell have mentioned anything about it. However, if they extend the BTFP, Hayes stated that he will close all of his puts and “reach maximum levels of crypto risk by continuing to sell treasury bills and buy cryptocurrencies.”
Meanwhile, Hayes plans to start “bottom fishing” if bitcoin falls below $35,000 as predicted. He revealed that he will “load Solana and WIF” if that happens. Interestingly, Hayes mentioned that BONK is the “money of the last cycle”, which could explain why he chooses the second largest Solana meme coin instead of the the most important, BONK. According to him, “if it's not Wif Hat, it's not shit.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Renowned-Economist-Says-Bitcoin-Price-Will-Hit-10-Million-After" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″/>
btc price rebounds above $41,900 | Source: BTCUSD on Tradingview.com
Reason for recent btc dump
bitcoin/arthur-hayes-blackrock-spot-bitcoin-etf/” rel=”nofollow noopener” target=”_blank”>The position of Arthur Hayes is that the BTFP is likely responsible for the recent bitcoin dump. He stated that bitcoin already anticipates that the BTFP will not be renewed, something that could end up being a catastrophic event. Hayes explained that this funding was important for the banks as they would not be able to survive without government support.
He predicts that the termination of the BTFP would cause a mini financial crisis and force the Federal Reserve take action with a rate cut, a tapering of quantitative tightening and a resumption of money printing through quantitative easing (QE). Hayes suggested that such a move could be bad since he claims that btc price action he agrees.
Hayes also highlighted the argument that Grayscale GBTC Outputs were responsible for the recent crash of bitcoin. However, he quickly dismissed it by pointing out that the argument was “false”, considering that the inflows into the newly listed bitcoin spot ETFs replace what came out of the GBTC.
Featured image from CNBC, chart from Tradingview.com
