BitMEX cofounder and former CEO Arthur Hayes has joined the crypto community to give his two cents about the price of the world's most popular cryptocurrency, Bitcoin.
Arthur Hayes shared the price prediction for Bitcoin via a price analysis article on Substack. This is believed to end the various speculations about BTC as it continues to experience a dip.
Arthur Hayes shared his insights, using the current state of the global economy to emphasize the potential rapid resurgence of subdued inflationary pressures. He highlighted the fragility of the current situation and its susceptibility to a swift return to inflation.
According to the BitMEX cofounder and former CEO, the spot Bitcoin Exchange Traded Fund high of $48,000 will experience a 30% correction.
Arthur insisted that such corrections would take the Bitcoin price to between $30,000 and $35,000.
It's worth noting that the world's most popular cryptocurrency, Bitcoin, has been in an unexpected beat season since the United States Securities and Exchange Commission (SEC) introduced the 11 spot BTC Exchange Traded Fund that now trades in the crypto space.
Digging deep into Arthur Hayes's price predictions, he anticipates potential Federal Reserve interventions for economic support.
Simultaneously, he remains steadfast in his belief that cryptocurrencies are poised to serve as a crucial hedge against inflation, particularly as mainstream banks approach the brink of collapse.
Looking into other cryptocurrencies, Arthur revealed that he has sold off his positions in Altcoin Solana (SOL) and BONK.
The recent selloff of Solana by Arthur Hayes might raise some speculation, as he is a big believer in the SOL ecosystem. This is coming after SOL had a 12.3% loss in the past week, leading to a massive sell-off in the ecosystem.
The current Solana price is $88.36, and its 24-hour trading volume is $20.17 million. The table above provides real-time updates for SOL prices.
At the time of writing, Bitcoin (BTC) is priced at $40,061.99, indicating a 0.41% rise in the last 24 hours and a -6.28% decline in the past 7 days, with a 24-hour trading volume of $19,311,299,805.26. With a circulating supply of 20 million BTC, Bitcoin's market cap is valued at $785,535,121,446.
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