Following its recent peak of $65,000, Bitcoin [BTC] faced a significant drop and was trading at $61,742—marking a 3.52% decline within the last 24 hours.
This decrease in value aligns with escalating tensions in the Middle East, triggering unease among investors.
Arthur Hayes Holds Positive Outlook
Despite this, Arthur Hayes, the creator of BitMEX and Maelstrom, maintains a positive outlook on BTC’s trajectory.
During a recent conversation after the TOKEN2049 conference in Singapore, he confidently suggested that Bitcoin has the potential to achieve a new peak this October.
Hayes’ forecasts present a contrasting view to the ongoing market fluctuations, hinting that the bullish sentiment could prevail in the digital currency sphere.
Reflecting on the same, Hayes mentioned,
“In October. Before the election.”
Arthur Hayes argues that the present political uncertainty in the U.S. has created a power vacuum, paving the way for disruption that might favor Bitcoin.
He anticipates a surge in liquidity nearing November 5, hinting that this instability could lure investors towards cryptocurrencies as a more stable investment.
According to his analysis, this change in perception could trigger a substantial rise in BTC’s value as individuals seek shelter from the volatility in traditional financial markets.
Scaramucci’s Involvement
Jumping into the conversation, Anthony Scaramucci, the founder of SkyBridge Capital, engaged with the crypto community by playfully referencing an optimistic period ahead with the term “Uptober.”
This clever blend of “up” and “October” signifies a hopeful outlook for digital currency markets in the approaching season.
Hayes’s Affinity for MOTHER Token
Furthermore, Hayes expressed his admiration for memecoins, particularly highlighting MOTHER by Iggy Azalea.
He emphasized the recent interest rate cuts by major central banks, hinting at an imminent fiscal intervention that could stimulate market dynamics.
In contrast to projects driven solely by quick profits, Hayes commended the authentic dedication of the MOTHER team, noting their active involvement in the project rather than pursuing a pump-and-dump strategy.
He believes this sincerity distinguishes MOTHER in the evolving memecoin environment.
Sharing his perspective, Hayes remarked,
“It’s meme coin season. We have a very positive liquidity environment, and meme coins are the most levered to that.”
Recently, on September 27th, the on-chain analytics firm Lookonchain reported that Hayes withdrew a significant amount of 24.39 billion PEPE tokens, valued at around $252,680, from Binance.
This substantial transaction could signal a potential rally for PEPE, indicating that its upward momentum may just be starting and could surge in the days to come.
BTC Price Trends
Meanwhile, Bitcoin experienced a decline of more than 3% in the last 24 hours.
Nevertheless, the Relative Strength Index (RSI) is currently at 48, showing an upward trend, signifying a potential reversal to a bullish market ahead.
Contrarily, although MOTHER saw a drop of over 4% during the same period, its RSI, standing at 61, indicates that bullish momentum continues to surpass bearish pressures.