Arthur Hayes, Chief Investment Officer of the Maelstrom Fund, has warned of a possible decline in Bitcoin's price to $100,000 due to a challenging macroeconomic environment.
Macroeconomic factors pressure cryptocurrencies
Hayes links the recent downturn in the cryptocurrency market to renewed tariff fears stemming from a disappointing Non-Farm Payrolls report showing only 73,000 new jobs added in the US in July. This signals economic fragility, and Hayes warns that both Bitcoin and Ethereum (ETH) could fall to levels of $100,000 and $3,000 respectively.
Arthur Hayes' sales: $13 million in ETH and other tokens
Over the weekend, Hayes commented on his recent asset sales. He sold $8.32 million in ETH, $4.62 million in Ethena (ENA), and $414,700 in the meme coin PEPE. According to Arkham Intelligence data, his wallet currently holds $28.3 million worth of tokens, with $22.95 million in the USDC stablecoin.
Financial analysts on Bitcoin's future
Opinions among analysts vary: some believe Bitcoin is no longer susceptible to significant downturns as it once was. For instance, Bloomberg ETF analyst Eric Balchunas noted that since BlackRock's Bitcoin ETF filing in June 2023, Bitcoin's volatility has significantly decreased. Mitchell Askew, head analyst at Blockware Solutions, also expressed that the days of dramatic bull and bear markets are behind us.
The cryptocurrency market remains complex, with diverging expert opinions. The expectation of a potential decline in Bitcoin to the $100,000 level, as predicted by Arthur Hayes, serves as a significant signal for investors.
