Global stocks and risk assets such as Bitcoin (BTC) took a hit on Tuesday after Iran fired missiles at key Israeli locations and Israel threatened to retaliate in the coming days.
While the tension between Iran and Israel in the Middle East caused Bitcoin to decline to $60,300, Singapore-based cryptocurrency platform QCP Capital announced its latest predictions.
Stating that BTC and altcoins took a much harder hit compared to stocks, QCP said that despite this sharp decline, BTC found support at the 60,000 level.
However, analysts have stated that if tensions in the Middle East continue and rise further, Bitcoin could fall to as low as $55,000.
Stating that the focus of Bitcoin and altcoins in the coming period will be the tension in the Middle East, QCP said that this tension should not overshadow the big picture, that is, the rise.
Analysts stated that Bitcoin and cryptocurrencies will continue to be supported with the support from China and the FED, and said:
“The infusion of liquidity and possible fiscal support from the People's Bank of China (PBoC) will likely support asset prices in China, and bullish sentiment is likely to spill over into risk assets, including cryptocurrencies.
Global asset prices, including Bitcoin and cryptocurrencies, are expected to remain supported heading into 2025 as the world's largest (FED) and third largest (PBoC) central banks begin discount cycles in earnest.”
*This is not investment advice.
