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The Bitcoin price plunged by almost 5% in the last 24 hours to trade at $38,898 at 4:30 a.m. EST, with daily volume skyrocketing 102% to $30.66 billion.
The coin’s 7-day chart shows an even greater 11% drop, but BitMEX founder Arthur Hayes sees even more downside ahead.
Hayes predicted in a post on X that the king of cryptos will not stop falling until it reaches the $35k mark, and said he’d purchased a Bitcoin put option with a $35,000 strike price that expires on March 29.
$BTC looks mad heavy. I think we break $40k. I went long some 29Mar $35k strike puts. I think we dump into the 31Jan US Treasury qtly refunding annc. Is Janet Yellen or Talkin'? pic.twitter.com/lyjqNmldzh
— Arthur Hayes (@CryptoHayes) January 22, 2024
Hayes also noted that BTC became uncorrelated from the S&P 500 (SPX) to the downside, which suggests that the event could be strongly bearish for the future of the coin’s price.
Y has $SPX and $BTC stopped moving up together post US BTC ETF launch?
Both are love more $ liq, which one is right about the future?$BTC is telling us that there are hiccups ahead for $ liq, next signpost is 31st Jan US Treasury refunding annc. pic.twitter.com/CSDvFp4QKu
— Arthur Hayes (@CryptoHayes) January 22, 2024
Bitcoin Price Prognosis
Bitcoin price has seen a strong dip that finally took it under the $40k mark for the first time since early December.
While there are events expected later this year that will likely cause a new bull run in the next 12 months, in the short term the coin’s price performance remains a more questionable topic.
As mentioned earlier, Arthur Hayes expects the BTC price to sink all the way down to $35k — a level that it has not seen since early November. However, whether or not this will actually come to pass is debatable. For example, several technical indicators suggest that Bitcoin might bounce back before sinking that low.
As the chart above shows, the coin has seen a sudden widening of Bollinger bands, which is traditionally a bullish signal. The bands got extremely narrow for Bitcoin between January 20 and 22, but as the price dipped, they widened again.
Apart from that, the coin’s RSI level sank to 27.82 as of the time of writing, which is deep in the oversold territory. As a result, traders may start buying the dip at any moment, sending the coin back up.
Moving forward, Bitcoin could struggle with going back above the $40k mark, which might end up being a tough resistance to break. However, it is just as possible that the price might continue to sink and truly reach the levels that Hayes has predicted.
With the current market uncertainty, it is difficult to tell, which is why traders are keeping a close eye on the market as they monitor the coin’s behavior and seek potential opportunities.
Promising Alternatives to Bitcoin
While Bitcoin itself is struggling right now, there is another project that opportunity seekers may want to shift their attention to. The project, which also carries the name of the world’s largest cryptocurrency, is known as Bitcoin Minetrix (BTCMTX), and it is currently still holding its presale.
The project is a cloud mining platform for Bitcoin, allowing BTC enthusiasts to mine the coin without having to buy thousands of dollars worth of gear or face a massive electricity bill.
All they need to do is stake the project’s native token, BTCMTX. Doing so will grant them credits, which they can then use to mine BTC.
#BitcoinMinetrix revitalizes the landscape of cloud mining by merging stakeholding and cloud mining.
Pioneering tokenized cloud mining focusing on transparency, autonomy, and security, #BTCMTX is dedicated to providing a reliable pathway for $BTC mining enthusiasts. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
The project also ensured that its platform would be fully decentralized and transparent, as it is aware of the failures of cloud miners that came before.
Many of those platforms were fraudulent or too weak to survive, but Bitcoin Minetrix’s decentralization makes it different and quite unique.
The project has already attracted a massive community, and its presale has raised over $9.1 million as of the time of writing. You can join by heading to its presale page and buying BTCMTX in exchange for ETH or USDT, or just buy it directly with your credit or debit card.
The token is currently selling for $0.013, but in less than three days it will see another price increase. So, buy now for the lowest price.
If you want to participate in the presale, visit here.
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