Bitcoin News Today: Bitcoin Faces 18.7% Correction Risk as Hayes Warns of $100K Drop Amid Macro Pressures

Arthur Hayes, chief investment officer of Maelstrom Fund, has issued a bearish outlook on Bitcoin, warning that macroeconomic pressures could push the cryptocurrency back to the $100,000 level [1]. His comments follow recent sell-offs of over $13 million in ETH, Ethena (ENA), and Pepe (PEPE) tokens, with his wallet now holding $28.3 million in crypto assets, primarily in the USDC stablecoin [1]. Hayes attributed the recent crypto market correction to renewed tariff fears and weaker-than-expected Non-Farm Payrolls data, which revealed only 73,000 new U.S. jobs in July—a sign of growing economic fragility [1].

The bearish sentiment aligns with broader concerns about tightening credit conditions, rising trade tensions, and a softening labor market, all of which could pressure high-risk assets like Bitcoin and Ether [1]. According to CoinGecko, Bitcoin has fallen over 7.7% from its July 14 all-time high of $123,000, while Ether has lost 12.5% since surpassing $3,900 on July 28 [2]. A drop to $100,000 for Bitcoin would represent an 18.7% correction from current levels [1].

However, not all industry experts share Hayes’ pessimism. Bloomberg ETF analyst Eric Balchunas noted that Bitcoin has exhibited reduced volatility since the launch of BlackRock’s spot Bitcoin ETF filing in June 2023, with no major drawdowns observed [1]. Mitchell Askew, an analyst at Blockware Solutions, also suggested that the era of parabolic bull markets and severe bear markets may be over [1]. These perspectives highlight a growing belief among some analysts that institutional adoption and improved market infrastructure have made Bitcoin more resilient to traditional market pressures [1].

Despite the varied opinions, the broader market remains on edge. The 7-day price history shows Bitcoin fluctuating between $119,419 and $113,235, with a 2.1% single-day drop on Saturday due to a $2,465.40 decline [2]. The total 24-hour trading volume reached $34.3 billion, indicating sustained liquidity and investor engagement [2]. Meanwhile, Bitcoin’s circulating supply stands at 19.9 million coins, with a market capitalization of over $2.26 trillion [2]. While these figures reflect a strong valuation, they also underscore Bitcoin’s sensitivity to macroeconomic shifts.

Investors are now closely watching key indicators such as inflation data and central bank policy decisions for signs of market direction [1]. Hayes’ bearish stance serves as a reminder that, while Bitcoin has shown signs of maturation, it is still subject to the same macroeconomic forces that influence traditional financial markets [1]. As the debate continues, market participants remain divided on whether Bitcoin is entering a new phase of stability or preparing for another correction.

Source:

[1] Bearish Arthur Hayes says Bitcoin could retrace to $100K on macro headwinds

https://www.tradingview.com/news/cointelegraph:3c99869a0094b:0-bearish-arthur-hayes-says-bitcoin-could-retrace-to-100k-on-macro-headwinds/

[2] BTC to USD: Bitcoin Price in US Dollar

https://www.coingecko.com/en/coins/bitcoin/usd