- Bitcoin’s decline is linked to geopolitical tensions, yet bullish sentiment persists.
- Arthur Hayes predicted an increase in liquidity and a potential Bitcoin surge before the 5th of November.
After recently peaking at $65,000, Bitcoin [BTC] experienced a notable decline and was trading at $61,742—after decreasing 3.52% in the last 24 hours.
This drop 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 this October.
Hayes’ predictions provide a counterpoint to the current market volatility, suggesting that bullish sentiment may still prevail in the cryptocurrency space.
Remarking on the same, Hayes noted,
“In October. Before the election.”
Arthur Hayes argues that the prevailing political instability in the U.S. has generated a “vacuum of power,” fostering chaos that could benefit Bitcoin.
He predicts a surge in liquidity as the 5th of November approaches, implying that this uncertainty will entice investors to gravitate toward cryptocurrencies as a more secure asset.
This shift in sentiment, he proposed, could catalyze a significant increase in BTC’s price as people seek refuge from traditional financial volatility.
Scaramucci jumps in
Adding to the excitement, Anthony Scaramucci, founder of SkyBridge Capital, engaged the crypto community on X by playfully hinting at a promising month ahead with the term “Uptober.”
Source: Anthony Scaramucci/X
This clever fusion of “up” and “October” highlights an optimistic outlook for cryptocurrency markets this fall.
Hayes’s love for MOTHER token
That being said, Hayes also expressed his enthusiasm for memecoins, particularly Iggy Azalea’s MOTHER.
He highlighted the recent interest rate cuts by the Federal Reserve, the European Central Bank, and China, hinting at an impending fiscal “bazooka” that could stimulate market activity.
Unlike many projects that often prioritize quick gains, Hayes appreciates the MOTHER team’s genuine commitment, noting their active involvement in the project rather than just aiming for a pump-and-dump scheme.
This authenticity, he believes, sets MOTHER apart in the evolving memecoin landscape.
Expressing his viewpoint, Hayes added,
“It’s meme coin season. We have a very positive liquidity environment, and meme coins are the most levered to that.”
Recently, on the 27th of September, the on-chain analytics firm Lookonchain reported that Hayes made a significant withdrawal of 24.39 billion PEPE tokens, valued at approximately $252,680, from Binance.
This substantial move could indicate that PEPE is poised for a notable rally, suggesting that its upward momentum may have just begun and could potentially surge in the coming days.
BTC price action
Meanwhile, on the price front, Bitcoin experienced a decline of over 3% in the last 24 hours.
However, the Relative Strength Index (RSI), currently at 48, is trending upwards, indicating a potential bullish trend reversal on the horizon.
Source: Trading View
Conversely, while MOTHER was down by more than 4% during the same period, its RSI, sitting at 61, points that bullish momentum is still outpacing bearish pressure.
Source: Trading View
