Bitcoin ‘weakness shall pass’ after dip below $100K: Arthur Hayes

Bitcoin prices dipped beneath six figures for the archetypal clip since aboriginal May, but the weakness is lone temporary, according to BitMEX co-founder Arthur Hayes. 

Bitcoin (BTC) prices fell to their lowest level for much than six weeks successful precocious trading connected Sunday erstwhile they dipped beneath $98,500, coming aft a US airstrike connected Iranian atomic facilities implicit the weekend. 

However, the sub-six-figure driblet didn’t past long, and the plus had reclaimed $101,000 during aboriginal trading successful Asia connected Monday morning. 

BitMEX laminitis Arthur Hayes said connected X that the “weakness shall pass” and Bitcoin volition “leave nary uncertainty arsenic to its harmless haven status.” He said that this volition beryllium driven by much cardinal slope money printing. 

Source: Arthur Hayes

Bouncing backmost oregon falling back? 

In a enactment shared with Cointelegraph, 10x Research caput of probe Markus Thielen said that arsenic agelong arsenic Bitcoin remains supra the short-term realized terms of $98,000 and the $102,000 inclination support, “traders tin proceed to look for tactical rally opportunities.”

However, helium cautioned that a interruption beneath this scope “would displacement the absorption to hazard management, particularly successful the lack of beardown upside catalysts.”

Related: Bitcoin person to equities than golden arsenic Middle East warfare deepens

Bitcoin has been successful a five-week consolidation phase, with 3 failed attempts to interruption supra $110,000 owed to short-term macroeconomic shocks, from tariff concerns successful May to the Israel–Iran escalation successful June.

“These events person underscored that Bitcoin is not behaving arsenic a risk-off hedge successful the existent environment.”

Thielen told Cointelegraph that helium expects the sideways trading to proceed for a fewer months. “Our presumption is that we consolidate implicit the summer,” helium said. 

Institutional request remains strong 

Eugene Cheung, main commercialized serviceman astatine integer plus level OSL, remains bullish.

“Despite Bitcoin concisely dipping beneath $100,000 amid heightened geopolitical tensions pursuing US strikes connected Iranian atomic sites, its resilience suggests beardown organization enactment and semipermanent bullish sentiment,” helium told Cointelegraph connected Monday. 

He added that structural request for some Bitcoin and Ether (ETH) persists arsenic marketplace volatility “underscores crypto’s sensitivity to macro risks, highlighting the ongoing signifier to sorb shocks and proceed successful a wide bullish trend.” 

BTC dips and recovers. Source: Tradingview

Time for altcoins to run? 

Meanwhile, Nick Ruck, manager astatine LVRG Research, told Cointelegraph that altcoins could commencement to execute amended successful the coming months. 

“While Bitcoin’s volatility has been the absorption aft the US-Iran escalation, the altcoin marketplace is showing signs of divergent strength,” helium said, adding: 

“The coming months could spot altcoins outperform if macro conditions stabilize and crypto-specific catalysts summation traction.”

Most of the altcoins were successful the reddish astatine the clip of writing, with the wide crypto marketplace capitalization down 1.5%, oregon astir $50 billion, implicit the past 12 hours successful a autumn to $3.21 trillion, according to CoinGecko.

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