After the Israeli response against Iran has passed without further escalation, and the Iranians have chosen not to respond, the crypto market, including bitcoin, is surging ahead. With the war threat diminishing, bitcoin is making its way toward the peak of its bull flag, potentially leading to a new record-breaking high.
Strikes to save face now over?
Last Friday, it appears that the Israeli Defense Forces (IDF) carried out a modest attack on Iranian targets, sufficient only to maintain their reputation and provide Prime Minister Netanyahu with a defense against critics in the Israeli parliament who advocated harsher responses.
The IDF carried out limited attacks, knowing the US wouldn’t intervene. This allowed Iran to avoid escalating the situation further. In response to the Israeli strike, as reported in an NBC News interview, Iranian Foreign Minister Hossein Amirabdollahian downplayed the significance of the weapons used, describing them as “similar to toys children play with.”
Markets set to rally
With tensions between Israel and Iran decreasing, leading to a reduced likelihood of war, the cryptocurrency market responded positively over the weekend by surging strongly. As traditional markets prepare to open on Monday, there is an anticipation that they too will rise, resulting in additional support for crypto. Furthermore, the significant decline in gold and silver prices also suggests a potential stock market upturn.
Bitcoin bull flag continues to play out
Bitcoin’s bull flag trend is continuing. After hitting rock bottom during the pattern, when tensions of potential conflict were high, bitcoin has rebounded. If the upward trend persists, the $66,000 mark could soon shift from resistance to support on Monday.
If the current price holds as a support, there’s a good chance the price will climb up to reach the peak of the bull flag. This potential high could be around $71,500.
Bitcoin ETFs could buy most or all of new daily supply
The halving has taken place. The daily issuance of bitcoin is now 450 $BTC. Just the Blackrock ETF (IBIT) alone has bought this on several occasions. The Grayscale ETF (GBTC) has halved its bitcoin holdings as it has sold heavily over the last couple of months. Therefore, the selling from this ETF must soon dry up.
Bitcoin up – fiat currencies down
Based on historical trends of Bitcoin’s bull markets, its value is likely to increase in the coming period. However, it’s important to note that there may be price drops or corrections in between. Investing in Bitcoin and holding it for at least a year could potentially yield profitable returns.
As fiat currencies continue to lose value at an alarming rate, with this trend likely to persist as governments and central banks work to maintain the financial system, leaving your money in the bank means watching your purchasing power erode. Bitcoin offers a potential escape route – it’s not too late to jump on board.
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2024-04-22 13:07