Bitcoin Price back to $65,000 as Iran Signals No Immediate Retaliation Plans

Table of Contents

• TLDR

The cryptocurrency market has been on a rollercoaster ride in recent days, with Bitcoin’s price experiencing significant volatility due to a combination of geopolitical tensions and the highly anticipated halving event.

Despite the uncertainty, some prominent figures in the crypto space remain bullish on Bitcoin’s long-term prospects, predicting substantial price increases in the coming months.

TLDR

• The Bitcoin price has recovered toward $65,000 following reports that Iran has no immediate plans for retaliation, after initially falling below $60,000 due to geopolitical tensions between Iran and Israel.
• Anthony Scaramucci, Founder of SkyBridge Capital, believes Bitcoin is on an adoption curve and will become less volatile as it reaches over a billion users, potentially rivaling gold’s market capitalization.
• Bitwise CEO Hunter Horsley predicts Bitcoin’s price could reach $100,000 after the halving, based on historical data showing significant price increases in the 12 months following previous halving events.
• A prominent crypto trader, Zia Ul Haque, warns that if Bitcoin fails to sustain the $60,000 support level amidst ongoing geopolitical tensions, its price may drop to $55,000 and amplify the sell-off across the cryptocurrency market.
• Despite short-term price fluctuations due to external factors, some experts maintain a long-term bullish perspective on Bitcoin, with predictions ranging from $100,000 to $200,000.

The latest development in the ongoing geopolitical tensions between Iran and Israel has seen Bitcoin’s price recover toward the $65,000 mark, after initially falling below $60,000 following reports of explosions near the airport in the Iranian city of Isfahan.

However, a senior official from Iran has reportedly stated that there are no immediate plans for retaliation, which has helped to ease market concerns and fuel a recovery in Bitcoin’s price.

BREAKING: Iranian official tells Reuters there are no plans for retaliating against Israeli strike

— The Spectator Index (@spectatorindex) April 19, 2024

Amid the short-term price fluctuations, Anthony Scaramucci, Founder of SkyBridge Capital, has shared his perspective on Bitcoin’s future.

In a recent interview with CNBC, Scaramucci stated that Bitcoin is on an adoption curve and will become less volatile as it reaches over a billion users. He believes that until Bitcoin achieves this level of adoption, it will be perceived as either a risk-on or risk-off asset by investors.

Scaramucci’s long-term outlook for Bitcoin remains bullish, with the expectation that it will eventually become a mainstream portfolio asset, potentially rivaling gold’s market capitalization.

Despite acknowledging the impact of short-term price movements driven by external factors such as wars, Scaramucci maintains that Bitcoin’s price could hit around $200,000 in the future.

As the Bitcoin halving event draws closer, with just 15 hours remaining at the time of writing, excitement and speculation are increasing.

Bitwise CEO Hunter Horsley has added to the anticipation with a bold prediction, suggesting that Bitcoin’s price could soar to $100,000 after the halving. Horsley’s assertion is based on historical data from the three previous Bitcoin halvings, which have seen significant price increases in the 12 months following each event.

I think people are dramatically underestimating the halving.

The market has never priced it in before, and won't have priced it in this time.

For the prior 3 halvings, after investors spent months discussing if it was priced in, here's what happened in the 12-months after…

— Hunter Horsley (@HHorsley) April 19, 2024

Horsley argues that the market has never fully priced in the halving event before, and he expects a similar scenario this time.

He points to two key factors that will determine the impact of the halving: consistent new demand and a reduction in the daily availability of natural sellers. Horsley sees a promising outlook for both factors in 2024, indicating a setup for a significant and impactful halving event.

However, not all experts share the same level of optimism. Zia Ul Haque, a prominent crypto trader, has highlighted key technical levels to watch amid the ongoing geopolitical tensions.

Haque notes that Bitcoin bulls are currently attempting to defend the crucial support level of $60,000. If they fail to sustain this level, he warns that Bitcoin’s price may drop to $55,000, potentially amplifying the sell-off across the cryptocurrency market.

Bitcoin's current price action with technical levels.

The bulls are trying to defend the 60K level but if they fail to hold amid geopolitical tension, we may visit the 55K level.

Further escalation in war will bring more panic sell-off.
Keep some bids lower on altcoins. pic.twitter.com/Yah6RHEX1y

— Zia ul Haque (@ImZiaulHaque) April 19, 2024

While short-term price fluctuations driven by external factors may cause concern among some investors, many experts maintain a long-term bullish perspective on Bitcoin.

With predictions ranging from $100,000 to $200,000, and the potential for reduced volatility as adoption grows, Bitcoin’s future is bright.

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