Bitcoin (BTC) has seen a slight decline of 0.83% in the last 24 hours, trading at $39,727. On-chain indicators suggest a potential further drop of 10-15% in its price.
Former BitMEX CEO Arthur Hayes predicts a potential 30% drop from the $48,000 level reached after ETF approval. He expects Bitcoin to find support between $30,000 and $35,000.
Adopting a cautious stance, Hayes has taken a long position at $35,000 for March 29, 2024, indicating readiness for a price drop. He has also strategically liquidated his positions in Solana (SOL) and Bonk (BONK) at a loss, planning to focus on these and other assets like WIF if Bitcoin falls below the $35,000 threshold.
Hayes views the current market as negative and awaits a breakthrough above $40,000 for a change in sentiment.
Crypto analyst Ali Martinez notes that Bitcoin tends to retract to the 50% Fibonacci level after reaching the 78.6% level post-bull cycles. This pattern suggests a possible correction to around $32,700. Despite the potential downturn, Martinez maintains optimism, suggesting the correction could precede a resumption of the overall upward trend.