- Bitcoin faces short term price correction amidst rising tensions in the Middle East.
- Bitcoin’s long-term bullish trend remains intact.
- Upcoming events like the US elections and FTX payouts to fuel BTC’s growth.
The escalating tensions in the Middle East have sent shockwaves across the crypto markets, causing a sharp decline in Bitcoin’s price. The token so far has struggled to reclaim the crucial $65,000 level, leaving investors to wonder if this is just a temporary correction or the beginning of a broader market downturn. While recent events have caused a temporary dip, experts believe that BTC’s underlying fundamentals remain strong.
The growing tensions in the Middle East have sparked fears about a potential global conflict if the U.S. gets involved, leading to economic decline. Market experts suggested that even if the situation escalates, BTC might drop to $55k without affecting the long-term bullish market. Moreover, positive economic developments such as the Federal Reserve’s interest rate cuts and China’s economic stimulus have overshadowed these geopolitical risks.
Experts expect two more cuts of 0.25% soon, which could trigger significant moves in BTC by early 2025.
Despite the short-term price fluctuations, Bitcoin’s long-term bullish trend remains intact. Analysts predict that the cryptocurrency will continue to appreciate as the global economy recovers.
Even if the situation escalates, it won’t affect the long-term bullish market, and the stock market hasn’t reacted, even in the short term. However, if the situation worsens, BTC may drop to $55k. This is the view on the conflict held by @QCPgroup
Bitcoin’s Bull Run Gets a Major Boost
Several upcoming events, including the U.S. presidential elections and the FTX payout plan, are expected to provide further momentum to Bitcoin’s price. FTX, the bankrupt CEX exchange, will reportedly approve a nearly $6 billion payout plan on October 7th. This money will gradually flow into the market, marking a steady influx of liquidity. These events could significantly boost investor confidence and drive demand for the cryptocurrency.
While the Middle East crisis has created uncertainty in the market, it has not derailed Bitcoin’s bullish trend. The cryptocurrency’s underlying fundamentals remain strong, and investors are optimistic about its prospects. As the global economy continues to recover and positive developments unfold, Bitcoin is poised to reach new all-time highs.
