BitMEX Founder Arthur Hayes Predicts Bitcoin Support Range at $30,000 to $35,000
BitMEX founder Arthur Hayes has predicted Bitcoin (BTC) to find support in the range of $30,000 to $35,000.
In a recent blog post, the crypto billionaire said he has purchased a Bitcoin put option with a strike price of $35,000, which expires on March 29.
He noted that Bitcoin appears to be “heavy” and anticipates a drop below the $40,000 mark.
He attributed this potential decline to the upcoming announcement by the U.S. Treasury regarding Treasury auctions and the issuance of new debt at the end of the month.
“I think Bitcoin will find a local bottom between $30,000 and $35,000,” he wrote.
“As the SPX and NDX dump due to a mini financial crisis in March, Bitcoin will rise as it will front-run the eventual conversion of rate cuts and money printing talk on behalf of the Fed into the action of pressing that Brrrr button.”
Hayes also raised the question of whether Treasury Secretary Janet Yellen would have any impact on Bitcoin’s trajectory.
The crypto boss further observed that Bitcoin’s correlation with the S&P 500 (SPX) has diminished on the downside.
He suggested that the forthcoming event at the end of January might have a bearish effect on Bitcoin, considering the preference of both Bitcoin and the S&P 500 for increased liquidity.
Hayes pointed to the U.S. Treasury’s refunding announcement on January 31 as the next significant indicator.
Previously, Hayes had mentioned that the conclusion of the Bank Term Funding Program (BTFP) on March 12 could lead to a sharp correction in Bitcoin and other risk assets.
However, he also speculated that such a market correction might prompt the Federal Reserve to ease monetary policy, potentially aiding Bitcoin’s recovery.
Hayes outlined a scenario where the market turmoil bankrupts a few
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