Arthur Hayes Believes Bitcoin ‘Weakness Shall Pass’ after Dip Below $100K

The cryptocurrency market recently saw a significant change when Bitcoin prices briefly fell below $100,000, a level not seen since early May.

However, important figures in the digital currency world largely regard this drop as a temporary situation, a claim supported by BitMEX co-founder Arthur Hayes. Moreover, experts have noted that price swings, while demonstrating significant economic risks, can affect crypto, also reinforce a continuing trend of handling bad news and maintaining a generally positive path.

BitMEX Founder Thinks Bitcoin’s Weakness Will Pass

The sudden drop occurred in late trading on Sunday, with Bitcoin’s value falling sharply to its lowest level in over six weeks, dropping below $98,500.

This immediate drop occurred at the same time as news of a US airstrike targeting Iranian nuclear facilities over the weekend, showing the market’s strong reaction to world events. Yet, the value below $100,000 did not last long.

However, the digital asset quickly rebounded, reaching $101,000 during early trading hours in Asia on Monday morning, demonstrating its ability to recover quickly.

Arthur Hayes clearly stated his belief regarding this price swing on X. He suggested that “the weakness shall pass,” predicting that Bitcoin would become widely recognized as a safe investment. Hayes said this would happen due to the ongoing pattern of central bank money printing, a significant economic issue he believes will likely prompt people to invest in cryptocurrency.

Markus Thielen, head of research at 10x Research, said that as long as Bitcoin stays above the immediate price of $98,000 and the $102,000 trend support, traders still have chances for small price increases.

Bitcoin Price Actions

Bitcoin has experienced stable prices over the past five weeks. During this time, it has tried and failed three times to go above the $110,000 resistance level. These failures have primarily been due to several short-term economic issues, including concerns over tariffs in May and the increased tensions between Israel and Iran in June, which temporarily hindered price increases.

Despite Bitcoin briefly falling below $100,000 amid increased global problems following US strikes on Iranian nuclear sites, its ability to bounce back shows strong and significant company support and positive feelings for the long term.

Nonetheless, according to Coingecko data, the market currently shows that most altcoins are losing value, causing the total value of the crypto market to fall by approximately 1.5%, or $50 billion, over the last 12 hours, ending at $3.21 trillion.

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