Bitcoin prices have sank below six numbers for the first time since early May, but the weakness is only temporary, according to Bitmex co-founder Arthur Hayes.
Bitcoin (Btc) Prices fell At their lowest level for more than six weeks in late trading on Sunday when they sank below $ 98,500, coming after a US airstrike at Iran’s nuclear facilities over the weekend.
However, the Sub-six-figure The drop did not last long, and the owner reclaimed $ 101,000 during early Asian trading on Monday morning.
Founder of bitmex arthur hayes Says In X whose “weakness will be passed” and Bitcoin will “leave no doubt about the safe status of the shelter.” He said it was driven by the more middle bank Money -printing.
Baounce back or returning?
In a note shared with Cointelegraph, 10X research leader Markus Thielen said that as long as Bitcoin remains above the momentary realized price of $ 98,000 and the $ 102,000 support support, “entrepreneurs can continue to look for tactical opportunities at the rally.”
However, he warned that a break below this range would “change the focus on risk management, especially in the absence of strongly reversed catalysts.”
Related: Bitcoin closer to equities than gold as the Middle East War deepened
Bitcoin is in the five-week phase of integration, with three failed attempts to break above $ 110,000 due to short-term macroeconomic shocks, from tariff concerns in May to Israel-Irn to June.
“These events emphasize that Bitcoin is not acting as a risk-off hedge in the current environment.”
Thielen told Cointelegraph that he hoped the trading trading would continue for a few months. “Our perspective was combined -we were together,” he said.
Institution demand remains strong
Eugene Cheung, chief commercial officer on the Digital Asset Platform OSL, remains bullish.
“Despite Bitcoin briefly sinking below $ 100,000 amid increased geopolitical tensions following US strikes on Iran’s nuclear sites, its stability suggests strong support to the institutional and long -term bullish emotions,” he told Cointelegraph on Monday.
He added that the demand structure for both Bitcoin and Ether (Eth) Continues as volatility in the market “crypto sensitivity to MacRO risks, featuring the ongoing pattern to absorb shocks and continue with a general bullish trend.”
Time for the Altcoins to run?
Meanwhile, Nick Ruck, director of LVRG Research, told Cointelegraph that Altcoins could start performing better in the coming months.
“While Bitcoin’s volatility became focused after the US-Iron increase, the Altcoin market shows signs of the strength of diverse,” he said, and added:
“The coming months can see altcoins outperform if macro conditions are stabilized and specific crypto catalysts are getting traction.”
Most Altcoins are in red at the time of writing, including the general crypto market capitalization of 1.5%, or around $ 50 billion, over the past 12 hours in the fall to $ 3.21 trillion, According to This coingecko.
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