BitMEX CEO Says He Will Hunt Bitcoin (BTC) for Below $35,000

BitMEX CEO Says He Will Hunt Bitcoin (BTC) for Below $35,000

The world’s largest cryptocurrency Bitcoin (BTC) is seeing selling pressure with the price of Bitcoin falling another 1.5% to $39,677 as of press time. Some on-chain indicators suggest that Bitcoin’s price could fall by another 10-15% from now on.

BitMEX CEO Gets Defensive on Bitcoin

In a recent statement, Arthur Hayes, CEO of BitMEX, shared his view on the Bitcoin market, predicting a potential 30% decline from the high of $48,000 reached after ETF approval. Hayes believes that the cryptocurrency could find support in the range of $30,000 to $35,000.

Taking a cautious approach, Hayes revealed that on March 29, 2024 he took a $35,000 strike, expressing his readiness for a potential market downturn. Additionally, he revealed the strategic move to liquidate his trading positions in Solana and Bunk at a marginal loss.

Should the price of Bitcoin fall below the $35,000 threshold, Hayes explained his plan to engage in opportunistic buying, with a particular focus on accumulating positions in Solana and WIF.

Hayes expressed a bearish sentiment regarding Bitcoin’s current outlook, noting that it looks “very heavy,” and he expects a breakout of the $40,000 level. His strategic move of going ahead with a $35,000 strike on March 29, 2024, is consistent with his expectation of a market downturn, which is tied to the US Treasury’s quarterly redemption announcement scheduled for January 31, 2024.

BTC data on-chain

In a recent analysis, prominent cryptocurrency analyst Ali Martinez looked into historical trends in Bitcoin (BTC) price movements, with a particular focus on patterns observed during previous bull cycles.

Martinez highlighted a recurring behavior where Bitcoin tends to pull back to the 50% Fibonacci level after reaching the 78.6% Fibonacci level following the last two bull cycles. In parallel with the current market scenario, Bitcoin has once again reached the 78.6% Fibonacci level, indicating a possible correction in the near term. According to this pattern, Martinez suggests a plausible scenario where Bitcoin could see a drop to $32,700, in line with the 50% Fibonacci retracement level.

politeness: Ali Martinez

Expanding on Bitcoin’s broader sentiment cycle, Martinez outlined historical shifts from resignation to hope, optimism, and faith. After this cycle, a phase of anxiety usually arises, characterized by a price correction. Notably, the analysis points to an ongoing 20% ​​correction in Bitcoin as part of this recurring pattern.

Despite his acknowledgment of the current setback, Martinez remains optimistic, comparing it to historical trends. If history is any guide, the observed correction may act as a temporary hurdle before the overall uptrend in Bitcoin price resumes.

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