The cryptocurrency market is experiencing volatility, but expert opinions indicate a continued hope for Bitcoin's recovery.
Arthur Hayes' View on Bitcoin Market
Arthur Hayes, co-founder of BitMex, shared an optimistic view of Bitcoin in his post on platform X. He believes the current weakness is temporary, adding: "This weakness shall pass and Bitcoin will leave no doubt as to its safe haven status."
Recent Bitcoin Decline
The market downturn caused Bitcoin to temporarily dip below the $100,000 mark, reaching $98,000. However, in recent days, the asset has rebounded and is now trading above $101,000. This 11% drop was the most significant since early May.
Technical Analysis and Bitcoin Support
According to technical analysis, Bitcoin is testing key support at $104,400, which it has dipped below twice. If it fails to close above this level by the end of the week, it may turn into resistance.
Despite recent market fluctuations, expert opinions, such as those from Arthur Hayes, remain positive, which may indicate potential recovery for Bitcoin in the future.
