As geopolitical tensions between Iran and Israel escalate, the entire cryptocurrency market, particularly Bitcoin (BTC), has been hit hard. While BTC currently hovers around the $60,000 mark, analysts are predicting a potential drop below this critical level.
According to analysts from Standard Chartered, the ongoing geopolitical risks may push Bitcoin below $60,000 before the weekend.
Geopolitical Tensions Could Push Bitcoin Below $60,000
Geoff Kendrick, the head of global digital asset research at Standard Chartered, stated that these geopolitical risks could trigger a significant decline in Bitcoin prices, as reported by The Block. Kendrick believes that the ongoing situation in the Middle East poses a serious threat to Bitcoin’s stability.
“Geopolitical risks arising from the tensions between Iran and Israel may push Bitcoin below $60,000 before the weekend,” Kendrick explained. He also suggested that investors could view this potential drop as a buying opportunity.
In his analysis, Kendrick highlighted the relevance of 80,000-dollar call options and the growing anticipation surrounding Trump’s potential victory in the upcoming U.S. election. These factors could present a favorable outlook for Bitcoin in the long run, despite short-term volatility.
“While geopolitical concerns may drag prices down, they also increase the likelihood of Trump’s victory, which could improve the post-election outlook for Bitcoin,” Kendrick added.
Trump’s Election Victory Could Boost Bitcoin to $125,000
Trump’s support for Bitcoin has been well documented, and his potential win is seen as a positive outcome for the BTC market. On the other hand, Standard Chartered previously mentioned that regardless of the U.S. election results, Bitcoin is expected to reach new highs by the end of the year.
In a previous report, Standard Chartered predicted that BTC could reach as high as $125,000 if Trump wins, or $75,000 if Kamala Harris secures victory.
Bitcoin, Standard Chartered, Trump, BTC, geopolitical risks
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