BitMEX co-founder Arthur Hayes says he thinks Bitcoin (BTC) will continue to drop in price, and that he’s prepared to load up on specific altcoins if it does.
In a new analysis, Hayes notes that 30% correction is due for the crypto king from its 2024 high of around $48,000, which it reached after BTC exchange-traded funds (ETFs) were approved earlier this year.
According to Hayes, this would bring Bitcoin to the $33,600 level as it ultimately forms a support zone of between $30,000 and $35,000.
“A 30% correction from the ETF approval high of $48,000 is $33,600. Therefore, I believe Bitcoin forms support between $30,000 to $35,000. That is why I purchased 29 March 2024 $35,000 strike puts. I also dumped my trading positions in Solana and Bonk at a slight loss.
Bitcoin and crypto in general are the last freely traded markets globally. As such, they will anticipate changes in dollar liquidity before the manipulated TradFi (traditional finance) fiat stock and bond markets.”
Hayes goes on to say that he’ll start “bottom fishing” when Bitcoin drops below $35,000, aiming to scoop up smart contract Solana (SOL) as well as Dogwifhat (WIF), meme asset built on the Ethereum (ETH) competitor.
“I will load up on Solana and WIF. Bonk is the last cycle’s doggy money, and if it ain’t [WIF], it ain’t s***.”
Dogwifhat is trading for $0.343 at time of writing and is up nearly 50% during the past 24 hours while Solana is trading at $86.16 at time of writing and is up nearly 5.5% in the past day.
Bitcoin is trading at $40,008 at time of writing, a marginal increase over the last day. The top-ranked crypto asset by market cap is down nearly 7% in the past week.
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