#ArthurHayes
#Bitcoin
#BitMEX
#Cryptocurrency
#BitcoinForecast
#BTFP
#Solana
#WIF
Arthur Hayes, ex-CEO and co-founder of the cryptocurrency exchange BitMEX, has shared his insight into the current shaky state of Bitcoin. Hayes’ latest blog suggests that Bitcoin is likely to undergo a correction of roughly 30% from its high of $48,000 following the approval of the Spot Bitcoin ETF. If Hayes’ prediction manifests, it could result in Bitcoin’s value dropping to as low as $33,600, with a likelihood of bouncing back between $30,000 to $35,000.
To prepare for this potential downturn, Hayes has reportedly taken steps to safeguard his investments by purchasing strike puts for Bitcoin at $35,000. His plan also highlights a contingency for an alternate scenario where the Bank Term Funding Program (BTFP) is not extended; Hayes is preparing to accept maximum levels of crypto risk by selling treasury bills and investing heavily in cryptocurrencies. In this possible situation, Hayes has his eyes set on two altcoins, Solana and WIF, which he intends to buy into if Bitcoin’s value falls below $35,000, a decision primarily influenced by speculation around BONK and WIF coins.
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