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The Israeli-Iranian conflict has escalated with limited impact on traditional financial markets but a stronger hit to cryptocurrencies like Bitcoin. Bitcoin dropped 4%, finding support at $60,000, but further escalation could push it lower. The ongoing Israeli-Iranian conflict has intensified, drawing global attention and impacting financial markets. Earlier this week, Israel started an invasion of Lebanon on the ground, and yesterday, Iran responded with more than 180 missiles. However, the traditional financial markets (TradFi) responded only mildly to these events. The S&P 500 declined by 1 % at the same time as WTI crude oil increased by 2%. Given today’s price movements, we do not expect any significant further losses in these sectors. However, the cryptocurrency market was not spared; instead, it received a bigger blow. Bitcoin (BTC) closed 4% lower, currently finding some support at the $60,000 level. According to data from QCP, with further geopolitical tensions, BTC may fall to $55,000. This aggressive selloff shows that crypto markets are way more sensitive to price swings than other asset classes, but risk sentiment remains positive. Popular analyst Justin Bennett also estimates that Bitcoin may decline to $57,000.  Justin Bennett has predicted a decline in Bitcoin’s price to $57,000 because of the bearish market outlook. The analyst noted that this level is important for preserving a positive attitude towards cryptocurrency. He also added that the price of Bitcoin is still bearish as long as it is below $62,000. Although the Bitcoin price briefly surpassed $61k again, Bennett warned that the asset is still under pressure after failing to hold $64,700. He also highlighted that as $57,000 is quite possible, $51,000 should not be completely written off, albeit not very possible. Macroeconomic Factors Drive Optimism for Bitcoin’s Future Despite the short-term risks, the long-term outlook for Bitcoin remains bullish. Several macroeconomic…

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Filed under: News - @ October 5, 2024 4:24 pm