Solana

Bitcoin

Arthur

Bonk

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-potential-further-decline-bitmex-ceo-takes-defensive-measures/" data-wpel-link="internal">Bitcoin Faces Potential Further Decline, BitMEX CEO Takes Defensive Measures</a> 
The largest cryptocurrency <a href="https://en.coin-turk.com/bitcoin-continues-to-attract-buyers-above-30500-and-records-historic-highs-in-inflation-hit-countries/" data-wpel-link="internal">Bitcoin</a> (BTC) is trading at $39,727 after a 0.83% decrease in the last 24 hours. Some on-chain indicators suggest that BTC’s price could drop by another 10-15%. 
<h2 style="text-align: justify" id="strong-bitmex-ceo-takes-defensive-measures-in-bitcoin-strong">BitMEX CEO Takes Defensive Measures in Bitcoin</h2> 
Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, recently shared his analysis of the Bitcoin market, predicting a potential 30% drop from the $48,000 level reached after ETF approval. Hayes expects the largest cryptocurrency to find support and bottom out in the $30,000 to $35,000 range. 
Adopting a cautious approach, Hayes disclosed that he took a long position at $35,000 dated March 29, 2024, indicating his readiness for a potential decline. Additionally, he liquidated his trading positions in Solana (SOL) and Bonk (BONK) at a certain loss, revealing a strategic move. Hayes also outlined his plan to opportunistically buy, focusing on positions in SOL and WIF if Bitcoin falls below the $35,000 threshold. 
Hayes added that the current outlook for Bitcoin is negative, and he is waiting for the price to surpass the $40,000 level for the situation to change. 
<h2 style="text-align: justify" id="strong-on-chain-data-signals-downward-trend-strong">On-Chain Data Signals Downward Trend</h2> 
Meanwhile, experienced cryptocurrency analyst Ali Martinez has researched historical trends in Bitcoin price movements, focusing particularly on patterns observed during previous bull cycles. 
Martinez identified a recurring behavior where Bitcoin, after the last two bull cycles, tends to retract to the 50% Fibonacci level after reaching the 78.6% Fibonacci level. BTC, mirroring the current market scenario, has reached the 78.6% Fibonacci level again, signaling a potential short-term correction. According to this pattern, Martinez points to a reasonable scenario where Bitcoin could drop to $32,700, aligning with the 50% Fibonacci correction level. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-306595" src="https://coin-turk.com/wp-content/uploads/2024/01/Ali-Martinez-Bitcoin-BTC-1-scaled.jpeg" alt="" width="2560" height="1402"> 
Martinez, focusing on a broader sentiment cycle for Bitcoin, summarized historical transitions from capitulation to hope, optimism, and belief. Following this cycle, typically a concern phase characterized by a price correction emerges. The analyst’s analysis points to a 20% correction in BTC as part of this recurring pattern. 
While acknowledging the current decline as reasonable, Martinez maintains optimism by drawing parallels with historical trends. If history serves as a guide, the observed correction could be the last temporary barrier before the overall upward trend in Bitcoin’s price resumes. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-potential-further-decline-bitmex-ceo-takes-defensive-measures/" data-wpel-link="internal">Bitcoin Faces Potential Further Decline, BitMEX CEO Takes Defensive Measures</a></h5>

Bitcoin Faces Potential Further Decline, BitMEX CEO Takes Defensive Measures

Table of Contents

COINTURK NEWS

Alte articole publicate pe 24 ian. 2024

Best plays in crypto: 5 startups making waves in 2024

Bitcoin Searches for New Lows; CEEK and CHZ Coin Price Analysis

Grayscale Bitcoin Trust Shifts $376M in BTC to Coinbase Prime Amidst Market Stabilization

Video game Doom from 1993 game goes live on Dogecoin blockchain

New meme coin gains momentum, outperforms XRP and Shiba Inu

BitMEX Co-Founder Spots Bitcoin’s Support Between $30K and $35K

Join our free newsletter for daily crypto updates!