Bitcoin’s Dip Doesn’t Faze industry Experts
Bitcoin’s recent price dip hasn’t dampened the spirits of crypto enthusiasts. Arthur Hayes, co-founder of BitMex, remains optimistic about Bitcoin’s future. In a June 22 X post,Hayes predicted that Bitcoin’s current weakness is temporary.
Hayes believes that global economic pressures may soon lead to more liquidity in the financial system. This could boost Bitcoin’s status as a safe haven asset. “This weakness shall pass and $BTC will leave there’s no doubt whatsoever as to its safe haven status,” he wrote.
Bitcoin’s price briefly fell below $100,000 over the weekend, hitting $98,000.This was due to growing geopolitical tensions. however, it has since recovered to trade above $101,000. The dip marked Bitcoin’s lowest level since early May, a roughly 11% drop from its peak.
Michael Saylor,another Bitcoin advocate,also remains bullish. he said, “Nothing stops this orange” in a recent post.
Though, some analysts see short-term weakness. Rekt Capital noted that Bitcoin is testing key support around $104,400. If it closes below this level for the week, it could face further declines.
Despite these concerns, Bitcoin is currently trading at $101,712, holding steady over the past 24 hours.
