Following a recent peak at $65,000, Bitcoin [BTC] saw a significant dip and is now trading at $61,742, marking a 3.52% decrease within the last 24 hours.
This decline coincides with heightened tensions in the Middle East, sparking concerns among investors.
Arthur Hayes’ Optimism
Despite this, Arthur Hayes, the creator of BitMEX and Maelstrom, remains upbeat about BTC’s trajectory.
During a recent conversation post the TOKEN2049 event in Singapore, he expressed strong belief that Bitcoin has the potential to hit a new all-time peak this October.
Hayes’ forecasts offer an alternative perspective amidst the current market instability, hinting that a positive sentiment could dominate the cryptocurrency sphere.
Reflecting on the same, Hayes mentioned,
“In October. Before the election.”
Hayes argues that the ongoing political unrest in the U.S. has led to a “power vacuum,” creating disorder that might work in favor of Bitcoin.
He anticipates a rise in liquidity as November 5 approaches, suggesting that this uncertainty might lure investors towards cryptocurrencies as a safer asset.
He proposed that this shift in perception could trigger a notable surge in BTC’s value as individuals seek sanctuary from conventional financial instabilities.
Scaramucci’s Involvement
Adding to the excitement, Anthony Scaramucci, the founder of SkyBridge Capital, engaged with the crypto community by playfully suggesting a promising month ahead with the term “Uptober.”
This smart merger of “up” and “October” showcases an optimistic outlook for the cryptocurrency markets in the upcoming fall season.
Hayes’ Affection for MOTHER Token
Moreover, Hayes also conveyed his enthusiasm for meme coins, especially Iggy Azalea’s MOTHER.
He pointed out the recent interest rate cuts by the Federal Reserve, the European Central Bank, and China, hinting at an imminent fiscal stimulus that could boost market activities.
Unlike many projects that often prioritize quick profits, Hayes admires the genuine dedication of the MOTHER team, highlighting their active engagement in the project rather than simply aiming for a pump-and-dump strategy.
He believes this authenticity differentiates MOTHER in the ever-evolving memecoin landscape.
Sharing his perspective, Hayes remarked,
“It’s meme coin season. We have a very positive liquidity environment, and meme coins are the most leveraged in that situation.”
Recently, on September 27, the blockchain analytics company Lookonchain reported that Hayes withdrew a significant amount of 24.39 billion PEPE tokens, valued at around $252,680, from Binance.
This substantial move might indicate that PEPE is poised for a substantial rally, suggesting that its upward momentum could be just starting and potentially surge in the days to come.
BTC Price Movement
Meanwhile, Bitcoin witnessed a downturn of more than 3% in the last 24 hours.
However, the Relative Strength Index (RSI), currently at 48, is showing an upward trend, indicating a potential reversal towards a bullish market.
On the other hand, while MOTHER experienced a decrease of over 4% during the same timeframe, its RSI, at 61, indicates that bullish momentum is still prevailing over bearish pressure.