Amidst rising tensions between Israel and Iran, the Bitcoin (BTC) price is wavering around the critical $60,000 mark. With the highly awaited halving event just around the corner, a well-known crypto trader, Zia ul Haque, warns that any further spikes in geopolitical tensions could lead to selling pressure.
Why should you, the investor, be concerned? Read on to find out.
Recent reports of suspected Israeli missile strikes on Iran have heightened tensions in the region. Explosions were heard in the central province of Isfahan, although the exact targets remain unclear.
This uncertainty has pushed investors towards traditional safe-haven assets like bonds, gold, and the US dollar, while riskier investments like stocks and cryptocurrencies, including Bitcoin, have faced selling pressure.
Despite the looming Bitcoin halving event, which historically has been associated with price rallies, BTC has experienced significant volatility in the lead-up. After briefly dipping below $60,000, Bitcoin’s price quickly rebounded to $62,202. However, concerns about the geopolitical situation have overshadowed optimism surrounding the halving.
Historically, halving events have often led to price surges, but concerns arise this time as Bitcoin reached a record high in mid-March before the event, leading to speculation about whether traders have already priced in the anticipated impact.
While some investors anticipate a bullish trajectory for Bitcoin post-halving, banking giant JPMorgan suggests otherwise. The institution believes that the market has already priced in the halving event and warns of a potential downward trend in Bitcoin’s price.
Moreover, JPMorgan highlights the potential impact on Bitcoin mining companies, expecting a significant drop in hashrate as unprofitable miners exit the network, leading to consolidation among major mining players.
Read More: Will Crypto Skyrocket? Ripple’s CEO Reveals What’s Next Before the Bitcoin Halving!
Earlier Coinpedia News reported that Crypto trader Zia ul Haque observed that Bitcoin bulls are currently striving to uphold the critical support level of $60,000. Meanwhile, a breach of this level could trigger a downward movement, potentially leading to a dip to $55,000.
As Bitcoin traders prepare for the halving event, the interaction between geopolitical tensions and market sentiment becomes a key factor to watch.
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All we can say right now – prepare for a wild ride ahead!
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