Crypto Founder Says Bitcoin Will Fall 30%, Reveals Top 2 Altcoins To Invest In |

Arthur Hayes, the former CEO and co-founder of crypto exchange BitMEX, has predicted how low Bitcoin could drop following its recent decline. Hayes also revealed two altcoins he will be investing in once the current Bitcoin bottom is in. 

Bitcoin Still Going To Drop To As Low As $33,600

In his most recent blog post, Hayes hinted that Bitcoin was going to experience a 30% correction from the Spot Bitcoin ETF approval high of $48,000. If so, the flagship crypto token is expected to drop to $33,600. In line with this, Hayes believes that BTC will thereafter form support between $30,000 and $35,000. 

How To Get Free Crypto  

The BitMEX co-founder was getting ready for when that happens, revealing that he had purchased strike puts for Bitcoin at $35,000. Hayes further elaborated on a scenario that will see him double down on his crypto investments. 

He believes that the Bank Term Funding Program (BTFP) will not be renewed because neither Janet Yellen nor Jerome Powell has mentioned anything about it. However, if they do extend the BTFP, Hayes stated that he will close all his put options and “go to maximum levels of crypto risk by continuing to sell treasury bill and purchasing crypto.” 

Meanwhile, Hayes plans to start “bottom fishing” if Bitcoin drops below $35,000 as predicted. He revealed that he will “load up on Solana and WIF” if that happens. Interestingly, Hayes mentioned that BONK is the “last cycle’s doggy money,” which could explain why he is choosing Solana’s second-largest meme coin over the foremost one, BONK. According to him, “If it ain’t Wif Hat, it ain’t shit.”

BTC price rebounds above $41,900 | Source: BTCUSD on

Reason For BTC’s Recent Dump

Arthur Hayes’s position is that the BTFP is likely responsible for Bitcoin’s recent dump. He stated that Bitcoin is already anticipating that the BTFP will not be renewed, something which could end up being a catastrophic event. Hayes explained that this funding was important for banks as they could not survive without the government’s support.

Coinbase Banner  

He predicts that the cessation of the BTFP would cause a mini-financial crisis and force the Federal Reserve to take action with a rate cut, tapering of Quantitative tightening, and a resumption of money printing via quantitative easing (QE). Hayes suggested that such a move could be bad as he claims that BTC’s price action proves him right. 

Hayes also highlighted the argument that Grayscale’s GBTC outflows were responsible for Bitcoin’s recent decline. However, he quickly dismissed it as he noted that the argument was “bogus,” considering that inflows into the newly listed Spot Bitcoin ETFs supersede what has gone out of GBTC. 

Featured image from CNBC, chart from

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.