“This weakness will pass:” Arthur Hayes on BTC’s slide under $100k

Bitcoin’s recent pullback hasn’t shaken market sentiment, and industry veteran Arthur Hayes is confident in the asset’s long-term strength.

In a June 22 X post, BitMex co-founder Arthur Hayes offered an optimistic take on Bitcoin’s (BTC) outlook, hinting at renewed strength ahead despite the ongoing market volatility. 

“This weakness shall pass and $BTC will leave no doubt as to its safe haven status,” he wrote. 

In his view, the recent dip is just a temporary phase, and the broader economic backdrop could soon turn favorable for Bitcoin. Hayes suggested that the rising global pressure may lead to increased liquidity injected into the financial system, which could benefit and restore Bitcoin as a reliable store of value.

The BitMex co-founder’s comments came after Bitcoin briefly dipped below the $100,000 mark during the weekend, hitting $98,000 amid growing geopolitical tensions. While the asset has since bounced back to trade above $101,000, the recent slide marked its lowest level since early May, roughly an 11% drop from its highest point during this period.

The decline in the market giant’s price was not isolated, and part of a broader downturn across the crypto market, marked by severe liquidations and a plunge in the market capitalization of all cryptocurrencies.

Arthur Hayes is not the only industry figure bullish on BTC. Pro-Bitcoin Michael Saylor also recently reaffirmed his positive outlook on Bitcoin, saying, “Nothing stops this orange” in a separate post.

However, from a technical perspective, Bitcoin still shows signs of short-term weakness. Market analyst Rekt Capital pointed out that Bitcoin is again testing key support around $104,400, a level it has dipped below for the second time in recent weeks. 

Unless the token closes the week above this level, the $104,400 level may flip into resistance, opening the door to further downside. Bitcoin is trading at $101,712 at press time, holding steady over the past 24 hours as its rebound continues.