Veteran Bitcoin trader says Bitcoin may not crash below $30,000

On Jan 24, 2024

Arthur Hayes shared his opinion on the current sentiments of the Bitcoin market and said that below the $35k BTC price we have an opportunity to accumulate Bitcoins.

The current trade price of Bitcoin (BTC) is $39,776 & this trade price is 7.5% down over the last 7 days of trade price.

Veteran Bitcoin trader says Bitcoin may not crash below $30,000 1

10 hours ago, Bitcoin was trading at a $38.5k trade price. The last two weeks’ Bitcoin price chart has shown a clear picture of increasing panic levels among Bitcoin traders.

After the approval of Bitcoin spot ETF applications by the United States Securities and Exchange Commission (SEC), the trade price surged to $48.5k but later started to crash.

Notebely between 11 Jan to 25 Jan, the trade price of Bitcoin crashed nearly 20%, as the hype of Bitcoin spot ETF over.

#Bitcoin crashes 20% in between 11 Jan to 24 Jan pic.twitter.com/EsRm1KttPH
— Bitcoinik (@Bitcoinikdotcom) January 24, 2024

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According to BitMex co-founder & veteran Bitcoin trader Arthur Hayes, the trade price of Bitcoin may crash to a maximum of $30k because the bottom support for this top Crypto asset is between $30k to $35k.

BitMEX founder Arthur Hayes: I believe Bitcoin forms support between $30,0000 to $35,000. That is why I purchased 29 March 2024 $35,000 strike puts. I also dumped my trading positions in Solana and Bonk at a slight loss. Once Bitcoin drops below $35,000, I will start bottom…
— Wu Blockchain (@WuBlockchain) January 24, 2024

Popular Bitcoin hater & CNBC host Jim Cramer also shared his opinion on the current Bitcoin market sentiments and said that no inflow of money will take place in the market and further added that Bitcoin is going down only.

Now that Bitcoin's down about 20% from its high i expect a strong stand to be made but it won't hold because not enough money is coming in. New theme: Number Go Down
— Jim Cramer (@jimcramer) January 23, 2024

Usually, Cramer criticises Bitcoin every week & month but the investors react totally opposite to Cramer’s Bitcoin investment advice. So here we can expect that Bitcoin is now going to achieve stability in price and soon will start to pump in small step-by-step phases.

Here we also need to understand that Bitcoin halving will take place in April of this year ( nearly 95 days) and Bitcoin will follow its past patterns of downfall but after the completion of the Bitcoin halving event, the trade price of Bitcoin will follow parabolic growth. So people should take the pre-Bitcoin halving period as an opportunity to accumulate some fraction of Bitcoins.