Sharing his views in a new Substack article, Arthur Hayes used the state of the global economy to make inferences about how quickly falling inflationary pressures could return.
Based on this, spot Bitcoin The Exchange Traded Fund (ETF) is predicting a 30% correction from its peak price of $48,000. If this prediction comes true, he predicts Bitcoin will fall into the $30,000 to $35,000 price range. Bitcoin has been declining since the United States Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs currently trading on the market. At the time of writing, Bitcoin is down to $40,042.44, a slighter decline of 0.64% in the last 24 hours. This is an impressive figure that shows that the cryptocurrency, which dropped to $ 39,105.51 in the last 24 hours, is in the process of recovery.
Arthur Hayes, known for his big bold predictions, believes the Federal Reserve could take some relief measures to boost growth. But with mainstream banks on the verge of collapse, he is convinced that cryptocurrency is poised to play an important role as a hedge against inflation.
Arthur Hayes, who has a clear view of where Bitcoin could recover in the worst case, confirmed that he is currently selling his position in Solana (SOL) and BONK at a slight loss.
Hayes is a big supporter of the Solana ecosystem, and this sale suggests further declines may be ahead for this asset, which has lost 12.3% of its value in the last week during a massive selling wave. However, Hayes stated that if Bitcoin falls below $35,000, he will start buying Dogwifhat (WIF), pointing to the potential for this meme coin to outperform once the market finally enters the recovery phase.
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