Key Points:
According to Arthur Hayes, Bitcoin may retrace to $100K due to weak job data and economic uncertainty.
Hayes sold over $13 million in ETH, ENA and PEPE amid a general market sell-off over the last week.
Despite the pullback, some analysts believe Bitcoin could rebound and rally to $148K.
Bitcoin could soon suffer a price correction if the world’s macroeconomics continue to worsen, according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom Fund.
Hayes mentioned in a recent market commentary that ongoing macro headwinds could drag Bitcoin down to the $100,000 level.
He specifically mentioned the slowing credit market, slow job creation and fears of more tariffs as some of the major issues that are putting pressure on risk assets like Bitcoin and Ether.
Hayes wasted no time in backing up his words with action and recently sold a huge portion of his crypto portfolio.
According to blockchain analytics platform Lookonchain, Hayes offloaded $8.32 million worth of Ethereum (ETH), $4.62 million of Ethena (ENA) and $414,700 worth of the memecoin, Pepe (PEPE).
Arthur Hayes defends his selling | Twitter
These transactions were traced to a wallet associated with Hayes, which now holds approximately $28.3 million in tokens.
Most of this, around $22.95 million, is stored in USDC, and Hayes’ switch from volatile assets to stable ones shows that he is preparing for more turbulence ahead.
This warning from Hayes comes amid Bitcoin’s ongoing signs of weakness. According to data from Coingecko, Bitcoin has fallen 7.7% since reaching an all-time high of $123,000 on July 14.
Ethereum has also dipped by 12.5% since climbing past $3,900 at the end of July.
If the cryptocurrency falls to $100,000, it would stand as an 18.7% correction from its recent highs. While this kind of pullback isn’t unusual for crypto markets, it does indicate that a cooling phase has already started, especially after the cryptocurrency’s months of bullishness.
Not everyone shares Hayes’ bearish outlook. In fact, several analysts continue to argue that the current market dip is just a temporary correction. At least, before Bitcoin continues to climb towards new highs.
Eric Balchunas weighs in | Twitter
According to updates from Bloomberg analyst Eric Balchunas, Bitcoin has shown a volatility reduction since BlackRock filed for a spot Bitcoin ETF two years ago. He also claims that the market has matured strongly over the last few years and is no longer as prone to massive downturns as it used to be.
Some technical analysts are also pointing out signs of an incoming rebound. Bitcoin recently retested its 50-day exponential moving average (EMA).
For context, this level has historically served as a reliable support, and in June, a similar dip below this support was followed by a 25% price surge.
According to analyst BitBull, a drop into the $110,000–$112,000 range could form a "perfect bottom" for Bitcoin. If this holds, Bitcoin could be setting up for a breakout toward $148,000.
The technical picture is further supported by an inverted head-and-shoulders (IH&S) pattern on the daily Bitcoin chart. Historically speaking, this formation tends to point towards a trend reversal from bearish to bullish conditions. Bitcoin recently broke out above the neckline of this pattern, pulled back to retest it and has since bounced.
Inverse head and shoulders pattern for Bitcoin | Twitter
This indicates that the uptrend may be on its way to returning.
If the IH&S pattern plays out, the target price for Bitcoin would be around $148,000, which aligns with several analysts’ forecasts for Bitcoin in late 2025, especially as institutional investment continues to rise.
Arthur Hayes’ warning about Bitcoin dropping to $100,000 isn’t without merit. Several factors support this change, including macroeconomic uncertainty, slowing job growth, and the dampening investor sentiment across the board.
However, the market is showing signs of resilience. For now, Bitcoin traders and investors will be watching levels like the 50-day EMA and the $110,000–$112,000 support zone.
Whether this dip proves to be a temporary shakeout or the start of a deeper correction remains to be seen.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.