Arthur Hayes, co-founder of BitMEX, said that the price of bitcoin has fallen below the six figure mark for the first since early May. However, the drop is temporary.
BitcoinBTCPrices fell In late Sunday trading, the Dow Jones Industrial Average fell to its lowest level in more than six months. This was after an airstrike by the US on Iranian nuclear sites over weekend.
However, it is important to note that the sub-six-figure The asset recovered $101,000 in early Asian trading on Monday morning.
BitMEX founder Arthur Hayes said The X is the “weakness shall pass” Bitcoin is a cryptocurrency. “leave no doubt as to its safe haven status.” He stated that more central banks will drive this. money printing.
What is worse, falling or bouncing back?
Markus Thielen, head of 10x Research’s research, told Cointelegraph that so long as Bitcoin is above the trend-supporting price of $102,000 and the short term realized price $98,000, it will continue to be a good investment. “traders can continue to look for tactical rally opportunities.”
But he warned against a breach below that range. “would shift the focus to risk management, especially in the absence of strong upside catalysts.”
Related: Bitcoin closer to equities than gold as Middle East war deepens
Bitcoin has been in a five-week consolidation phase, with three failed attempts to break above $110,000 due to short-term macroeconomic shocks, from tariff concerns in May to the Israel–Iran escalation in June.
“These events have underscored that Bitcoin is not behaving as a risk-off hedge in the current environment.”
Thielen said to Cointelegraph he expected the sideways trades to continue over the next few months. “Our view is that we consolidate over the summer,” He said.
The demand for institutional loans remains high
Eugene Cheung, chief commercial officer at digital asset platform OSL, remains bullish.
“Despite Bitcoin briefly dipping below $100,000 amid heightened geopolitical tensions following US strikes on Iranian nuclear sites, its resilience suggests strong institutional support and long-term bullish sentiment,” He told Cointelegraph Monday.
He also added that the structural demand of both Bitcoin and Ether is (ETHThe market is volatile. “underscores crypto’s sensitivity to macro risks, highlighting the ongoing pattern to absorb shocks and continue in a general bullish trend.”
Altcoins: when will they run?
Nick Ruck from LVRG Research has told Cointelegraph altcoins will start performing better in coming months.
“While Bitcoin’s volatility has been the focus after the US-Iran escalation, the altcoin market is showing signs of divergent strength,” He said adding:
“The coming months could see altcoins outperform if macro conditions stabilize and crypto-specific catalysts gain traction.”
Altcoins have been in a downward trend for the majority of time at this point. The overall cryptomarket capitalization has dropped by around $50 billion or 1.5% over the last twelve hours to reach $3.21 trillion. according CoinGecko.
Magazine: History suggests Bitcoin taps $330K, crypto ETF odds hit 90%: Hodler’s Digest
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Source: cointelegraph.com
