BitMex Co-Founder Predicts Bitcoin's Local Bottom Is $30K, Earns Nickname 'New Cramer' (CORRECTED)
Portfolio Pulse from Khyathi Dalal
Arthur Hayes, CEO of BitMex, predicts Bitcoin will find a local bottom between $30,000 and $35,000 before the BTFP renewal decision on March 12th. He supports his prediction with a technical analysis, indicating a 30% correction from the ETF approval high of $48,000. Hayes has acted on his prediction by purchasing $35,000 strike puts for March 2024 and selling his positions in Solana and Bonk. The Bank Term Funding Program's renewal is seen as a significant factor for Bitcoin's price, with potential market tightening if not renewed. Hayes' comments have drawn skepticism on social media, with comparisons to Jim Cramer.
January 24, 2024 | 6:38 pm
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Arthur Hayes predicts a local bottom for Bitcoin between $30,000 and $35,000, influenced by the upcoming BTFP renewal decision. He has purchased puts and sold altcoin positions in anticipation.
Hayes' prediction and actions suggest a bearish outlook for Bitcoin in the short term, especially if the BTFP is not renewed. His influence and the potential market impact of the BTFP decision could drive Bitcoin's price down.
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IMPORTANCE 85
RELEVANCE 100