Bitcoin experienced an 8% decline recently, dipping below $100,000 for the first time since early May due to geopolitical tensions following US airstrikes in Iran. Arthur Hayes, co-founder of BitMEX, stated that this price drop is temporary, asserting that Bitcoin will reaffirm its status as a safe haven asset. The cryptocurrency briefly fell to around $98,500 but later recovered to $101,000. Markus Thielen from 10x Research noted that as long as Bitcoin remains above short-term price markers, traders can pursue rally opportunities, though he cautioned that a significant drop could shift focus towards risk management. Eugene Cheung from OSL highlighted strong institutional support, suggesting that the market has the resilience to adapt to macroeconomic fluctuations. Nick Ruck from LVRG Research speculated that altcoins may outperform Bitcoin if macro conditions stabilize and specific catalysts emerge, noting the current volatility affecting the broader crypto market.

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