Solana

Bitcoin

Arthur

Bonk

<img width="2560" height="1707" src="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1.jpg" class="attachment-full size-full wp-post-image" alt="Macroeconomic Influence" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1.jpg 2560w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-1224x816.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-1536x1024.jpg 1536w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-2048x1366.jpg 2048w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Melunjak-Kenali-Cryptocurrency-2-scaled-1-272x182.jpg 272w" sizes="(max-width: 2560px) 100vw, 2560px">
The world’s largest cryptocurrency Bitcoin (BTC) sees selling pressure with the BTC price dropping another 1.5% to $39,677 as of press time. Some of the on-chain indicators suggest that the <a href="https://coingape.com/5-reasons-why-bitcoin-btc-price-crashes-a-dip-to-32-7k-ahead/" target="_blank" rel="noopener">BTC price</a> could drop another 10-15 % from here onwards. 
<h3 id="bitmex-ceo-takes-defensive-measure-on-bitcoin">BitMEX CEO Takes Defensive Measure on Bitcoin</h3> 
In a recent statement, BitMEX CEO Arthur Hayes shared his insights on the Bitcoin market, projecting a potential 30% decline from the high of $48,000 reached following ETF approval. Hayes believes that the cryptocurrency could find support within the range of $30,000 to $35,000. 
Taking a cautious approach, Hayes <a rel="nofollow" href="https://cryptohayes.substack.com/p/yellen-or-talkin" target="_blank">disclosed</a> that he acquired 29 March 2024 $35,000 strike puts, expressing his readiness for a possible downturn in the market. Additionally, he revealed the strategic move of liquidating his trading positions in Solana and Bonk at a marginal loss. 
In the event that Bitcoin drops below the $35,000 threshold, Hayes outlined his plan to engage in opportunistic buying, particularly focusing on accumulating positions in Solana and $WIF. 
Hayes expressed a bearish sentiment regarding Bitcoin’s current outlook, stating that it appears “mad heavy,” and he anticipates a breach of the $40,000 level. His strategic move of going long on a $35,000 strike puts for March 29, 2024, aligns with his expectation of a market downturn, which he correlates with the US Treasury quarterly refunding announcement scheduled for January 31, 2024. 
<h3 id="btc-on-chain-data">BTC On-chain Data</h3> 
In a recent analysis, prominent crypto analyst Ali Martinez delved into historical trends in Bitcoin (BTC) price movements, specifically focusing on patterns observed during previous bull cycles. 
Martinez highlighted a recurrent behavior where Bitcoin tends to retrace to the 50% Fibonacci level after hitting the 78.6% Fibonacci level in the aftermath of the last two bull cycles. Drawing parallels to the current market scenario, BTC has once again reached the 78.6% Fibonacci level, signaling a potential correction in the near term. According to this pattern, Martinez suggests a plausible scenario where Bitcoin could experience a drop to $32,700, aligning with the 50% Fibonacci retracement level. 
<figure id="attachment_176319" aria-describedby="caption-attachment-176319" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-176319" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci-.jpeg" alt="" width="2772" height="1518" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci-.jpeg 2772w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci--300x164.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci--1224x670.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci--768x421.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci--1536x841.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci--2048x1122.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-fibonacci--150x82.jpeg 150w" sizes="(max-width: 2772px) 100vw, 2772px">
 <figcaption id="caption-attachment-176319" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1749727319906800077/photo/1" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
Expanding on the broader sentiment cycle for Bitcoin, Martinez outlined the historical transitions from capitulation to hope, optimism, and belief. Following this cycle, a phase of anxiety typically ensues, characterized by a price correction. Notably, the analysis points to the ongoing 20% correction in BTC as part of this recurring pattern. 
<img decoding="async" class="aligncenter size-full wp-image-176320" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-sentiment.jpeg" alt="" width="1199" height="675" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-sentiment.jpeg 1199w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-sentiment-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-sentiment-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-sentiment-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-sentiment-150x84.jpeg 150w" sizes="(max-width: 1199px) 100vw, 1199px"> 
While acknowledging the current setback, Martinez remains optimistic, drawing parallels with historical trends. If history serves as a guide, the observed correction could be a temporary hurdle before the resumption of the overall uptrend in Bitcoin’s price. 
The post <a href="https://coingape.com/bitmex-ceo-says-will-do-bitcoin-btc-bottom-fishing-below-35000/">BitMEX CEO Says Will Do Bitcoin (BTC) Bottom Fishing Below $35,000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BitMEX CEO Says Will Do Bitcoin (BTC) Bottom Fishing Below $35,000

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