Arthur Hayes Predicts Bitcoin Price Drop and Reveals Altcoin Picks
BitMEX co-founder Arthur Hayes believes that the price of Bitcoin (BTC) will continue to decrease, but he is ready to invest in specific altcoins if this happens. According to Hayes, a 30% correction is expected for Bitcoin from its peak of $48,000 in 2024, which was reached after the approval of BTC exchange-traded funds (ETFs) earlier this year. He predicts that Bitcoin will reach a support level between $30,000 and $35,000.
Hayes plans to start buying altcoins when the price of Bitcoin drops below $35,000. He intends to invest in Solana (SOL), a smart contract platform, and Dogwifhat (WIF), a meme asset built on an Ethereum competitor. Currently, Dogwifhat is trading at $0.343 and has increased by nearly 50% in the past 24 hours, while Solana is trading at $86.16 with a 5.5% increase in the past day.
Bitcoin’s Current Price and Market Performance
At the time of writing, Bitcoin is trading at $40,008 with a slight increase over the last day. However, it has experienced a nearly 7% decrease in the past week.
Hot Take: Arthur Hayes’s Outlook on Bitcoin and Altcoins
Arthur Hayes predicts a significant correction for Bitcoin and plans to invest in altcoins when it drops below $35,000. He specifically mentions Solana and Dogwifhat as his top picks. While Bitcoin’s price has been relatively stable recently, it remains uncertain how long this stability will last. As always, it’s important to closely monitor market trends and make informed decisions when investing in cryptocurrencies.
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