- Bitcoin’s decline is linked to geopolitical tensions, yet bullish sentiment persists.
- Arthur Hayes predicted an increase in liquidity and a potential Bitcoin spike before November 5.
After recently peaking at $65,000, Bitcoin [BTC] saw a notable decline, trading at $61,742, after dropping 3.52% in the past 24 hours.
This decline coincides with escalating geopolitical tensions in the Middle East, raising concerns among investors.
Arthur Hayes remains optimistic
However, Arthur Hayes, the founder of BitMEX and Maelstrom, remains optimistic about BTC’s trajectory.
In a recent discussion following the TOKEN2049 events in Singapore, he expressed strong confidence that Bitcoin could potentially reach a new all-time high in October.
Hayes’ predictions counter the current market volatility, suggesting that bullish sentiment may still prevail in the cryptocurrency space.
Hayes noted the same about this:
“In October. Before the elections.”
Arthur Hayes argues that the prevailing political instability in the US has created a ‘power vacuum’, creating chaos that could benefit Bitcoin.
He predicts a rise in liquidity as November 5th approaches, implying that this uncertainty will push investors to focus on cryptocurrencies as safer assets.
This shift in sentiment, he suggested, could catalyze a significant rise in BTC’s price as people turn to traditional financial volatility.
Scaramucci jumps in
To add to the excitement, Anthony Scaramucci, founder of SkyBridge Capital, engaged the crypto community on
Source: Anthony Scaramucci/X
This clever conflation of ‘up’ and ‘October’ highlights the optimistic outlook for the cryptocurrency markets this fall.
Hayes’ love for MOTHER token
That said, Hayes also expressed his enthusiasm for memecoins, specifically Iggy Azalea’s MOTHER.
He highlighted recent interest rate cuts by the Federal Reserve, European Central Bank and China, hinting at an impending budget bazooka that could stimulate market activity.
Unlike many projects that often prioritize quick wins, Hayes appreciates the MOTHER team’s genuine commitment, noting their active involvement in the project rather than simply pursuing a pump-and-dump scheme.
This authenticity, he believes, sets MOTHER apart in the evolving memecoin landscape.
Hayes expressed his position, adding:
“It’s meme coin season. We have a very positive liquidity environment, and meme coins are best suited for that.”
Recently, on September 27, on-chain analytics firm Lookonchain reported that Hayes had made a significant withdrawal of 24.39 billion PEPE tokens, worth approximately $252,680, from Binance.
This substantial move could indicate that PEPE is poised for a notable rally, suggesting that upside momentum may be just beginning and could potentially increase sharply in the coming days.
BTC price action
Meanwhile, on the price front, Bitcoin has experienced a decline of over 3% over the past 24 hours.
However, the Relative Strength Index (RSI), currently at 48, is trending upward, indicating a potential bullish trend reversal on the horizon.
Source: trading view
Conversely, while MOTHER was downstairs up more than 4% in the same period, the RSI, which stands at 61, indicates that bullish momentum is still exceeding bearish pressure.
Source: trading view