Bitcoin Might Rebound Despite Middle East Tensions
Bitcoin prices are expected to recover following a notable drop triggered by geopolitical tensions in the Middle East.
On June 13, BitcoinS value plummeted nearly 5%, hitting a daily low of $102,822. The drop was sparked by Israel’s strike on Iran, which increased market uncertainty. Marcin Kazmierczak,RedStone’s co-founder,noted that this unexpected event led to $427.84 million in long-position liquidations in Bitcoin and Ethereum (ETH) futures.
Ethereum suffered more, dropping up to 7.6% at its worst. However, Kazmierczak stressed that past conflicts have caused temporary price dips, often followed by rebounds.He cited a similar incident in April 2024 when prices fell but recovered as tensions eased.
- Bitcoin fell below the crucial $103,000 level.
- Ethereum declined more than Bitcoin.
- Past conflicts have led to temporary market dislocations.
meanwhile, Bitunix analysts suggest that Bitcoin could actually garner increased interest as a safe haven. They believe that geopolitical instability may drive investors into the crypto market. If tensions persist, Bitcoin might even reach a liquidity target of $110,350.
Bitunix advises caution and recommends monitoring the U.S. position on Iran, as the U.S. has so far distanced itself from the conflict but made strategic military moves.
