Bitcoin’s price strength is under pressure as global geopolitical turmoil instigates possible price reductions to $54,000 or lower. In the past 24 hours, Bitcoin dropped over 5% prompting traders to anticipate prices falling below the $60,000 mark.
The crypto world is feeling the sting of subsequent events in the Middle East, with the overall crypto market cap decreasing by 7.2% in two days. The turbulence has sparked Bitcoin’s decline towards the $60,000 threshold before bouncing back. Nevertheless, some traders predict even tougher times ahead.
Dips like these have not been observed on Bitcoin’s tracking in a fortnight, prompting lower objectives under speculation. Esteemed trader and analyst Toni Ghinea, suggests that Bitcoin may not only break the $60,000 mark but may also plummet to $54,000.
Despite continuous geopolitical tension and existing risk-asset pressures, some analysts maintain an optimistic lens on the broader picture. Trading firm QCP Capital disclosed to its subscribers that while crypto suffered harder hits than oil and equities, the market still appears favorable for risk assets, signaling that further setbacks are part of the larger process.
Trusted Crypto trader, Michaël van de Poppe shared his perspective stating despite the market dipping deeper than anticipated, it is still progressing as planned. Claims suggest that the Bitcoin price flush about to bottom out and will soon bounce back to navigate above the $60K mark.