The entire cryptocurrency market, especially Bitcoin, has been hit hard by the tension between Iran and Israel.
While the BTC price is at $60,000 levels, analysts predict that there is a risk of a drop below $60,000.
At this point, Standard Chartered analysts also stated that geopolitical risks could push Bitcoin below $60,000.
Geoff Kendrick, head of global digital assets research at Standard Chartered, claimed that Bitcoin could fall below $60,000 before the weekend due to geopolitical risk concerns, The Block reported.
Stating that risks in the Middle East could lower Bitcoin, Kendrick advised investors to see this decline as a buying opportunity and evaluate it.
“Risk concerns over tensions between Iran and Israel in the Middle East could push Bitcoin below $60,000 before the weekend.
However, the $80,000 call options highlighted here and the growing expectation that Trump will win suggest that this dip is an opportunity and should be bought.
“Geopolitical concerns may push prices lower, but they also boost Trump’s chances of winning, potentially improving Bitcoin’s post-election bullish outlook.”
Trump’s victory is expected to be positive for BTC and cryptocurrencies, especially considering his support for Bitcoin, with Standard Chartered saying in a previous report that they think Bitcoin prices could reach a record high by the end of the year, regardless of the US election results.
The bank said in the report that they expect Bitcoin to reach new record levels by the end of the year regardless of who wins the elections, and that if Trump wins, the price of Bitcoin could reach $125,000, and if Harris wins, it could reach $75,000.
*This is not investment advice.