Bitcoin Price Forecast: Middle East Tensions Spark Market Uncertainty – Could BTC Be a Safe Haven?
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
As geopolitical tensions in the Middle East heighten, Bitcoin (BTC) has struggled to break above $60,500, reflecting the broader market’s uncertainty.
The global crypto market cap fell by 1.44% to $2.13 trillion in the last 24 hours, largely impacted by Iranian missile strikes on Israel in response to Israeli military actions. The conflict has intensified with the United States sending military support to Israel, further unsettling global markets.
Despite the negative sentiment, JP Morgan analysts highlight that geopolitical instability and the approaching US presidential elections might encourage investors to seek safety in assets like Bitcoin and gold, boosting demand for these traditional hedges.
Despite a bearish crypto market, Standard Chartered’s Geoff Kendrick sees the ongoing Middle East conflict as a potential buying opportunity for Bitcoin.
With prices under $60,000, increased open interest in December options, totalling 80,000 contracts, shows market optimism.
Recent events, including Iran’s missile attacks on Israel, led to a 5% drop in Bitcoin’s price this week. However, Kendrick believes Bitcoin’s true value is its ability to hedge against traditional financial risks like bank collapses and U.S. Treasury concerns.
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Political uncertainty in the U.S., particularly around the upcoming
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