Leading cryptocurrency Bitcoin (BTC) fell below the psychological five-digit level of $100,000 at the beginning of this week due to the developments between Israel and Iran, but rose above $106,000 again with the ceasefire news.
The rise in Bitcoin was accompanied by altcoins, with Ethereum (ETH) rising above $2,400, while altcoins such as Solana (SOL), Dogecoin (DOGE), and XRP experienced small increases.
While there is curiosity about whether the rise will continue, Bitget Research chief analyst Ryan Lee announced his predictions.
Bitcoin, which fell to $98,000 due to the Israel-Iran tension, later recovered.
However, Ryan Lee pointed out that BTC did not immediately stabilize after its initial drop below $99,000, and said that although strong ETF inflows provided structural support for BTC, the risk continued and signaled the need to be cautious.
“Bitcoin still has the potential to be a safe haven, but risk appetite is under control in BTC.
This delays BTC's recovery.”
Stating that the risk in Bitcoin continues, the analyst thinks that the rise will continue in the long term.
At this point, Ryan Lee predicted that Bitcoin would reach $110,000-115,000 in Q3 and potentially $130,000-160,000 by the end of the year.
Lee also added that he expects Ethereum to rise to between $2,600-$2,800 in the near-term and up to $5,500 in the long-term.
*This is not investment advice.
