Bitcoin widened its losses this week, dropping below $104,000, sparking a wave of panic across the crypto market. BitMEX co-founder Arthur Hayes urged investors to view the drop as a buying opportunity, while influencer Andrew Tate predicted an even more severe crash.
Their contrasting outlooks highlight the uncertainty gripping the digital asset sector. Bitcoin, which hit an all-time high of $126,198 on Oct. 7, has fallen more than 17% in 10 days as trade tensions between the U.S. and China flare up and banking stress mounts.
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Bulls and bears clash over Bitcoin’s fate
Bitcoin fell nearly 2% on Friday, hitting a four-month low, according to CoinGecko. The stock fell after reports of financial difficulties at Zions Bank and Western Alliance Bank, raising concerns about the spread of the virus.
Arthur Hayes dismissed the panic as short-term noise. “BTC is on sale,” he wrote in X, adding that investors should brace for a similar bailout in 2023 if the ongoing U.S. regional banking crisis escalates into a full-blown crisis.
“Be prepared for a bailout like this in 2023,” Hayes wrote, urging supporters to “go shopping” if they can afford it.
Hayes’ comments underscore his confidence that renewed financial instability could drive capital back into digital assets.
“If relief is implemented again, the rebound will be bigger than in 2023,” he said.
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However, on-chain data shows continued sales. Over 51,000 BTC reportedly moved from miners to exchanges last week and is likely to be liquidated. Exchange-traded fund flows also saw outflows of $536 million per day, with four out of five days in the red.
Economist Peter Schiff also joined the bears, claiming that Bitcoin has lost 34% of its value relative to gold since its peak.
“The idea of Bitcoin as digital gold has failed,” Schiff said, calling this stage “the beginning of a brutal decline.”
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Andrew Tate predicts pain before it reaches its peak
Controversial influencer and former world kickboxing champion Andrew Tate has predicted that Bitcoin could plummet to $26,000, which he calls September 2023 levels, and then make a big rebound.
He argued that traders’ “blind optimism” was preventing the market from discovering the true bottom.
In the post, Tate gave a graphic monologue to her millions of followers, warning that “everything could always get worse.” His central message was clear. This means that the price can be lower at any time.
Tate’s tone was brusque and pessimistic, consistent with his reputation. The former athlete faces multiple criminal charges in Romania, including rape, human trafficking and money laundering, charges he denies.
Despite his legal troubles, Tate remains highly influential online, promoting what he calls a “war room” philosophy centered on wealth and control, often through cryptocurrency speculation.
He argued that the market would only recover after “everybody lost all their money,” and that that moment was the real beginning of a new bull cycle.
Hayes’ optimism and Tate’s pessimism represent the emotional polarities of a market caught between fear and opportunity.
Whether Bitcoin rebounds or falls further, the contrast between rational accumulation and apocalyptic bravado highlights the psychological extremes that shape the narrative of crypto trading today.
