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Pub game last night. Can I fold aces here?

edited October 2011 in The Poker Clinic
8-player pub game (with 2 re-buys allowed) last night. I'm UTG with 18K and blinds are 200/400 (second level start with 20K) with aces. I make it 1200 and get called by the cut-off who has me covered but only slightly, everyone else folds. Flop is 985 rainbow so I continue for 2K and the cut-off re-raises to 8. I tank for a while and then shove and get called by 98.

I know the player is capable of making loose calls pre-flop, especially early on but I also make lots of c-bets in this game and I know that my opponent knows this. I could make the same bet holding AK or AQ and he might think a nine is good here. He would 3-bet JJ or higher pre-flop. I thought he might have a set but then I thought why would he raise me on such a dry board?

Having bet 3200 out of a 18000 stack (almost 20% of my stack) can I fold this hand here. I didn't hit my ace and the board didn't pair so I had to re-buy :-(

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