Drawing on this, he forecasts a 30% correction from the spot Bitcoin Exchange Traded Fund (ETF) high of $48,000. If this projection comes to pass, then he foresees Bitcoin dropping to the $30,000 and $35,000 price range.
Bitcoin has been in a freefall since the United States Securities and Exchange Commission (SEC) greenlighted the 11 spot BTC ETFs that now trade in the market. At the time of writing, Bitcoin has dropped by a milder 0.64% in the past 24 hours to $40,042.44. This is an impressive figure that shows recovery, seeing as the coin fell as low as $39,105.51 in the past 24 hours.
Known for his big bold predictions, Arthur Hayes believes there might be some forms of relief introduced by the Federal Reserve to support growth; nonetheless, he is convinced crypto is primed to play a key role as a hedge against inflation as mainstream banks are on the verge of collapsing.
Hayes is a big promoter of the Solana ecosystem, and the sell-off showcases that more of a downward spiral might still be underway for this asset that has lost 12.3% of its value in the past week amid an intense sell-off.
Hayes, however, noted that should Bitcoin fall below $35,000, he will begin to load up on Dogwifhat (WIF), attesting to the potential of the meme coin to outperform when the market finally enters the recovery phase.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
