As the bearish trend of 2024 unfolds, Arthur Hayes, the former CEO of Bitmax, has shared insights into his chosen altcoins for the year. Departing from his Bitcoin focus, Hayes is now eyeing strategic investments in Solana and Bonk, signaling a shift in his cryptocurrency portfolio.
In a recent press release, Hayes expressed concern about Bitcoin’s struggle to maintain its position above $40,000, predicting potential further declines in the upcoming weeks. In response to this market sentiment, he has diversified his investments into the promising altcoins Solana and Bonk.
Hayes anticipates a 30% correction from Bitcoin’s recent high of $48,000 in 2024, especially following the approval of Bitcoin exchange-traded funds (ETFs). He identifies potential support levels ranging from $30,000 to $35,000. Taking a proactive stance, Hayes has already exited positions in Solana and Bonk at $35,000, even if it meant a modest loss.
Positioning Bitcoin and cryptocurrencies as the last bastion of global open markets, Hayes asserts their ability to predict better fluctuations in the dollar’s liquidity compared to traditional financial markets. In the event of Bitcoin falling below $35,000, Hayes plans to invest in Solana (SOL), an innovative contract platform, and Dogwifhat (WIF), a meme asset on Ethereum, employing a “fishing from the bottom” strategy.
“I would choose Solana and WIF over Bitcoin”
Arthur Hayes
Dogwifhat is trading at $0.343, showing a significant 50% increase in the last 24 hours. In contrast, Solana is priced at $86.16, reflecting a 5.5% uptick from the previous day. While Dogwifhat’s recent price movements have displayed volatility between $0.330 and $0.355, some experts predict a potential return to around $0.45, similar to mid-January levels. Despite Hayes’ optimism, technical indicators offer mixed signals, introducing an element of uncertainty to Dogwifhat’s future price.
