News View Non-AMP

Bitcoin Stumbles as Geopolitical Tensions Flare: BTC Price to Crash Below $60k?

Published by
Mustafa Mulla

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.

Geopolitical Tensions Shake Crypto

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.

Bitcoin Halving Looms

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.

JPMorgan’s Perspective

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!

Bitcoin Held Up – But for How Long?

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.

This Might Interest You: Navigating the New Crypto Cycle: Top Altcoins to Watch in 2024

All we can say right now – prepare for a wild ride ahead!

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Best Crypto to Buy Now as Bitcoin Eyes $115k in July Rally

Bitcoin has rebounded strongly from its $100,000 support zone, holding steady above its 50-day moving…

June 9, 2025

Europe’s First Bitcoin Treasury Firm Plans $340M BTC Buy

Paris-based Blockchain Group is stepping up its Bitcoin game in a big way. The company…

June 9, 2025

Cardano Deviates Before Testing Resistance-Where is ADA Price Heading Next?

The Cardano (ADA) price is navigating a consolidation phase as it trades around $0.662 after…

June 9, 2025

Trump and Musk Set Off Market Alarm , But Could Wall Street Ponke Be the Real Power Move?

As Markets React to High-Profile Feud, One Meme Coin Quietly Rises Check the latest token…

June 9, 2025

Is the Musk-Trump Feud Real , Or a Setup? And Which Coin Will Rise From It?

When Two Titans Collide, the Market Feels Every Shock Elon Musk and Donald Trump’s clash…

June 9, 2025

Hyperliquid Traders Watch Closely as Binance May List HYPE Soon

Hyperliquid's native token HYPE is grabbing major attention lately over rumors of a Binance US…

June 9, 2025