Bitcoin Price Prediction as Global Markets React to Iranian President’s Helicopter Crash – Potential for War?
Bitcoin (BTC) halted its decline and regained traction, rising above $67,000 and reaching an intraday high of $67,600.
After briefly dipping below $66,000, Bitcoin bounced back due to expectations of Federal Reserve rate cuts and increasing tensions in the Middle East, particularly following the helicopter crash involving Iran’s President.
These factors have led investors to view Bitcoin as a hedge against economic and geopolitical uncertainty.
Looking ahead, crypto traders will focus on speeches by Fed officials Bostic, Bullard, Waller, Evans, and Mester, as these will provide insights into future monetary policy.
Hawkish comments from these officials could limit Bitcoin’s upward trend by signalling tighter monetary policy, reducing the appeal of riskier assets like cryptocurrencies.
Bitcoin often gains value as a safe haven asset during periods of geopolitical turmoil or economic uncertainty. Recently, Iran’s President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian tragically died in a helicopter crash in East Azerbaijan province.
Rescuers found the crash site after searching in challenging weather conditions.
The perception of Bitcoin as a safe haven asset can lead to increased demand and a higher BTC price amid such crises.
The broad-based US dollar edged lower as investors anticipated potential Fed rate cuts. Richmond Fed President Thomas Barkin noted that while inflation is easing, reaching the 2% target will take more time. Cleveland Fed President Loretta Mester stated that the current monetary policy is appropriate as they continue to assess economic data.
Fed Governor Michelle Bowman mentioned that while the policy is restrictive, she is open to hiking rates if inflation stalls.
According to the CME
