Arthur Hayes Asserts Bull Market Remains Viable: Monetary Policy Secures Prolonged Bitcoin Price Increase
On Tuesday, Bitcoin’s value dipped below $104,000, but it managed to maintain a defense above $103,500 on Wednesday. Meanwhile, Arthur Hayes suggests it’s premature to declare the market’s momentum as over.
The chief investment officer of Maelstrom highlighted in a post on Tuesday that Bitcoin’s price has experienced a 27% decrease over the last month. Nonetheless, he is uptrend that the Federal Reserve could still initiate another upturn.
Hayes indicated that a new phase for BTC might commence when the Fed initiates what he terms “stealth quantitative easing,” a subtle reintroduction of liquidity disguised as careful policy.
At present, he remarked, the markets are facing pressure from a available volume crunch related to the ongoing shutdown of the US government.
Hayes acknowledged that the timing of this shift remains uncertain. Fed Chair Jerome Powell has mentioned that quantitative tightening will conclude by December 1, although there’s no assurance of a rate cut next month.
Why Are Long-Term Bitcoin Holders Liquidating Their Positions?
The CME FedWatch tool estimates the likelihood of an additional rate cut at approximately 72%. However, analysts point out that the ambiguity is impacting risk appetite across various markets.
This cautious sentiment is reflected in Bitcoin’s price. The crypto asset has dropped nearly 10% over the past week. Additionally, spot BTC ETFs also experienced an outflow of nearly $1Bn during the same period, indicating diminished trading market sentiment.
Hayes urged investors to protect their capital and prepare for erratic trading until the shutdown concludes. He previously stated that BTC might achieve at least $200,000 before the year wraps up.
CryptoQuant reports that long-term holders sold over 827,000 Bitcoin in the past month, with a value approximating $86Bn.
This figure is nearly 4% of Bitcoin’s overall token supply and marks the most significant monthly decline since July.
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BTC Price Forecast: Does Breaching the October 10 Low Indicate Further Decline?
BTC approached the $101,000–$102,000 range on Monday, probing a base level level that has been intact since early October.
Analyst Ali Martinez remarked that this zone could serve as a short-term bottom. He added that the price has interacted with a historic demand zone, which has previously played a role in stabilizing the crypto market.
BTC $BTC might bounce from here, reaching at least $106,500 or $112,000. pic.twitter.com/BaWBJ7VCTx
— Ali (@ali_charts) November 4, 2025
His analysis suggests a potential rally towards $106,500, and if momentum escalates, the increase could extend to approximately $112,000. He also anticipates the crypto market might remain stagnant for a while before showing any distinct recovery.
A different analyst presented a more cautious assessment. He stated that Bitcoin has already dipped below its October 10 low, indicating a breakdown in trading market structure that could increase selling pressure.
He noted that this represents the last substantial support level before Bitcoin could fall towards the $98,000 mark, a value last encountered during the dump associated with June’s Middle Eastern tensions.
The chart illustrates repeated limitations around current lows, indicating waning strength and persistently high selling pressure.
$BTC has now breached its low from October 10.
This is the last significant price floor before reaching the $98K low associated with the war-related fears back in June. pic.twitter.com/41Lzflq7db
— Daan Crypto Trades (@DaanCrypto) November 4, 2025
Both analyses reveal a rapid decline from the $114,000–$116,000 area in late October, accompanied by significant liquidations.
The market is at a pivotal juncture. Buyers must maintain this range or face the risk of a more substantial decline.
If Bitcoin fails to rise above the nearby barrier level soon, the price could progressively tend toward the low market fluidity zone around $98,000, which would suggest a more negative outlook for the trading market.
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The article Arthur Hayes Claims Bull Market Still In Play: Monetary Policy Locks In Extended Bitcoin Price Growth first appeared on 99Bitcoins.
