Geopolitical Tensions Could Push Bitcoin Below $60,000
According to Geoff Kendrick, a crypto expert, the recent tensions between Iran and Israel could cause Bitcoin to dip below $60,000. This is because investors might be scared and move their money to safer investments like gold.
But Kendrick thinks this could be a good time to buy Bitcoin. He sees this potential dip as an opportunity to accumulate more Bitcoin. He even points out that some traders are betting on a big Bitcoin rally by the end of the year.
Bitcoin: Not Quite a Safe Haven Yet
Kendrick acknowledges that Bitcoin hasn’t proven itself as a safe haven during times of global uncertainty. Gold is still considered the go-to asset when things get shaky. However, he believes Bitcoin can act as a hedge against problems in traditional finance, like bank failures.
Trump’s Chances Boost Bitcoin’s Outlook
Kendrick also thinks the recent events in the Middle East could actually help Bitcoin in the long run. He believes these events could increase Donald Trump’s chances of winning the upcoming US presidential election. Trump is generally seen as more pro-crypto than his opponent, Kamala Harris.
Harris’ Stance on Crypto
While Harris’ stance on crypto isn’t as clear-cut as Trump’s, she has made some positive statements about fostering a better environment for emerging technologies, including digital assets.
The Bottom Line
Overall, Kendrick thinks the recent geopolitical tensions could create a short-term dip in Bitcoin, but it might be a good opportunity to buy. He believes a Trump victory could be bullish for Bitcoin in the long run.
Bitcoin is currently trading at around $60,090, down about 5.7% in the last 24 hours. /p>
