Recent events in the Israel-Iran conflict have significantly impacted the cryptocurrency market. Bitcoin and other cryptocurrencies experienced fluctuations in light of these developments.
Impact of Geopolitical Events on Bitcoin Price
At the beginning of the week, Bitcoin's price dropped below the psychological level of $100,000, hitting a low of $98,000 amid tensions between Israel and Iran. However, following the announcement of a ceasefire, Bitcoin regained momentum and surpassed $106,000 again.
Analyst Predictions for Bitcoin and Ethereum
Ryan Lee, chief analyst at Bitget Research, shared his predictions for future price movements. He forecasted that Bitcoin could reach $110,000-$115,000 in Q3 and possibly $130,000-$160,000 by the end of the year. Lee also mentioned that Ethereum could rise to $2,600-$2,800 in the near term and as high as $5,500 in the long term.
Altcoin Market: Changes and Prospects
Alongside Bitcoin's price movements, many altcoins also saw increases. Ethereum rose above $2,400, while cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and XRP experienced small gains. Nevertheless, the analyst cautioned that despite strong ETF inflows providing support for Bitcoin, risks in the market remain high.
In conclusion, the current events and analytical forecasts indicate that the cryptocurrency market continues to be influenced by factors beyond economic measures. Investors should exercise caution and closely monitor the situation.
