Arthur Hayes stays upbeat about Bitcoin
Arthur Hayes says Bitcoin dip is temporary, long-term bullish outlook intact
BitMex co-founder Arthur Hayes has delivered a bullish message to the crypto community, assuring that Bitcoin’s recent price dip is merely a passing phase.
In a June 22 post on X, Hayes emphasized that Bitcoin’s “weakness shall pass” and reaffirmed his belief in its safe haven status, particularly in a world of growing financial instability, reports Crypto News.
Hayes argued that global macroeconomic pressures could soon lead to increased liquidity injections by central banks, potentially positioning Bitcoin as a primary beneficiary. His outlook suggests that despite the current volatility, Bitcoin remains a long-term store of value poised to recover and thrive.
Market Dip Reflects Broader Volatility, but Sentiment Holds
Bitcoin’s pullback below the $100,000 mark over the weekend briefly rattled markets, sending BTC to $98,000 amid escalating geopolitical concerns. The selloff was part of a broader downturn across the crypto market, with significant liquidations and a sharp reduction in overall crypto market capitalization. However, Bitcoin has since rebounded above $101,000 and has held steady, indicating that the dip may not have fundamentally shaken investor sentiment. Bitcoin advocate Michael Saylor also voiced unwavering support, declaring, “Nothing stops this orange,” reinforcing the notion that the community sees the pullback as a buying opportunity rather than a structural breakdown.
Technical Pressures Persist as BTC Tests Key Levels
While optimism remains strong among industry veterans, technical analysts like Rekt Capital have highlighted potential short-term risks. Bitcoin is once again testing the critical support zone around $104,400, a level that has failed to hold on two separate occasions recently. Should BTC fail to close the week above this level, it may turn into a resistance point, potentially opening the door to further declines. Despite this technical vulnerability, Bitcoin is maintaining stability in the $101,000 range as traders await further confirmation of either a rebound or an extended correction. The battle between bullish conviction and bearish technicals continues to shape the short-term outlook.
Recently we wrote that Bitcoin price is under pressure again after geopolitical conflict in the Middle East triggered a deep weekend selloff that flipped June's performance into negative territory.
