Key Points
- Bitcoin’s recent decline is tied to geopolitical tensions, but bullish sentiment remains strong.
- Arthur Hayes predicts increased liquidity and a potential Bitcoin surge before November 5th.
Bitcoin [BTC] recently experienced a significant drop after reaching a peak of $65,000, with the cryptocurrency trading at $61,742—a 3.52% decrease in the last 24 hours.
This decline happens simultaneously with escalating geopolitical tensions in the Middle East, causing investor concerns.
Optimism in the Midst of Volatility
Despite the market volatility, Arthur Hayes, the founder of BitMEX and Maelstrom, remains confident about BTC’s future. He expressed strong belief during a recent discussion at TOKEN2049 events in Singapore that Bitcoin could achieve a new all-time high this October.
Hayes’ predictions offer a contrasting perspective to the current market instability, indicating that bullish sentiment might still dominate in the cryptocurrency sector. Hayes suggests that the ongoing political instability in the U.S. is creating a “vacuum of power” that could benefit Bitcoin.
He anticipates a surge in liquidity as November 5th nears, suggesting that this uncertainty will attract investors to cryptocurrencies as a safer asset. This sentiment shift, he proposes, could trigger a significant rise in BTC’s price as people seek refuge from traditional financial volatility.
Scaramucci and Hayes on Cryptocurrency
Anthony Scaramucci, founder of SkyBridge Capital, added to the enthusiasm by hinting at a promising month ahead with the term “Uptober.” This clever combination of “up” and “October” emphasizes a positive outlook for cryptocurrency markets this fall.
Hayes also expressed his interest in memecoins, specifically Iggy Azalea’s MOTHER. He pointed out the recent interest rate cuts by the Federal Reserve, the European Central Bank, and China, suggesting an impending fiscal “bazooka” that could stimulate market activity.
Hayes appreciates the MOTHER team’s genuine commitment, noting their active involvement in the project rather than just aiming for a quick profit scheme. This authenticity, he believes, distinguishes MOTHER in the evolving memecoin landscape.
On September 27th, the on-chain analytics firm Lookonchain reported that Hayes made a significant withdrawal of 24.39 billion PEPE tokens, valued at approximately $252,680, from Binance. This significant move could suggest that PEPE is set for a significant rally, indicating that its upward momentum may have just started and could potentially surge in the upcoming days.
On the price front, Bitcoin experienced a decline of over 3% in the last 24 hours. However, the Relative Strength Index (RSI), currently at 48, is trending upwards, indicating a potential bullish trend reversal on the horizon.
Conversely, while MOTHER was down by more than 4% during the same period, its RSI, at 61, suggests that bullish momentum is still outpacing bearish pressure.