Bitcoin (BTC), which was affected by the tension and geopolitical tension between Israel and Iran and fell to the $100,000 level, continues to recover.
At this point, while Bitcoin has climbed above $106,500, there is still some uneasiness in the market about the direction of the price.
Speaking to The Block, BTC Markets analyst Rachael Lucas explained her updated Bitcoin analysis.
Is the New ATH the Next Stop for Bitcoin?
Stating that Bitcoin is extremely sensitive to geopolitical uncertainties, Rachael Lucas said that despite this, BTC recovered quickly.
Lucas noted that Bitcoin price is currently being shaped by a combination of three factors: corporate flows, macroeconomic data, and geopolitical risk.
The analyst also said that the fear and greed index currently stands at 61, indicating a moderate outlook. The recent recovery against this figure reflects optimistic yet cautious investor sentiment, he said.
Finally, the analyst stated that he expects a new ATH and said:
“Geopolitical uncertainty often drives Bitcoin down. This was the case in the Israel-Iran case. However, BTC usually recovers quickly as investors use Bitcoin as a geopolitical hedge.
At this point, the recent breakout of the $106,406 resistance in Bitcoin shows that the bullish momentum continues, and the next important target will be the all-time high.
All or Nothing for Bitcoin and Ethereum!
Apart from Rachael Lucas, Kronos Research CIO Vincent Liu also evaluated BTC's recent movements.
Liu, who predicted that Bitcoin would make a breakout after the uncertainty and tensions ended, said, “Bitcoin is seeing strong global liquidity and institutional demand, which could pave the way for a breakout once the dust settles in the market.”
However, Liu stated that a much more important event awaits us, and said that this is the FED interest rate decision. According to Liu, this meeting could mean “all or nothing” for BTC and Ethereum.
*This is not investment advice.
