BitMEX co-founder and former CEO Arthur Hayes has shared a major Bitcoin (BTC) price forecast that ends speculation about when the coin will bottom.
BitMEX co-founder and former CEO Arthur Hayes has shared a major Bitcoin (BTC) price forecast that ends speculation about when the coin will bottom.
Bitcoin expected minimum price
Sharing his insights in a new Substack post, Arthur Hayes made inferences using the state of the global economy to look at how susceptible easing inflationary pressures are to returning before long.
Based on this, he forecasts a 30% correction from the Bitcoin Exchange Traded Fund (ETF) spot high of $48,000. If this projection comes true, then expect Bitcoin to fall to the $30,000 and $35,000 price range.
Bitcoin has been in free fall since the United States Securities and Exchange Commission (SEC) gave the green light to the 11 BTC spot ETFs now trading on the market. At the time of writing, Bitcoin has fallen a softer 0.64% over the past 24 hours to $40,042.44. This is an impressive figure that shows a recovery, as the coin fell as low as $39,105.51 in the last 24 hours.
Arthur Hayes, known for his big, bold predictions, believes the Federal Reserve could introduce some forms of easing to support growth; However, he is convinced that cryptocurrencies are poised to play a key role as a hedge against inflation as major banks are on the brink of collapse.
Beyond Bitcoin, Hayes’ altcoin endorsement
With a clear conviction of where Bitcoin could fall before recovering in a worst-case scenario, Arthur Hayes confirmed that he has currently sold his position in Solana (SOL) and BONK at a slight loss.
Hayes is a big promoter of the Solana ecosystem, and the liquidation shows that a downward spiral could still be underway for this asset that has lost 12.3% of its value last week amid an intense sell-off.
Hayes, however, noted that if Bitcoin falls below $35,000, it will start charging Dogwifhat (WIF), demonstrating the meme coin’s potential to outperform when the market finally enters the recovery phase.
