The crypto market is experiencing another wave of volatility, with Bitcoin once again in the spotlight. After a failed attempt at breaking through a resistance level, the cryptocurrency price has declined, leading to market liquidations.
Bitcoin's Drop and Market Liquidations
Over the past 24 hours, Bitcoin faced a sharp drop after attempting to break an important resistance level. As a result, liquidations totaled over $400 million in long positions in just one day.
Geopolitical Risks and Their Impact
A significant factor behind the recent market fluctuations is the United States' involvement in the ongoing conflict between Iran and Israel. Analysts believe that if the situation escalates further, it could negatively impact global financial markets, including cryptocurrencies. Amid rising fears of a potential World War III, investors have turned to safer assets like gold and the US dollar.
Bitcoin Prospects and Market Expectations
Despite the current instability, some optimism remains among investors. Speculation about Bitcoin potentially surging to $200,000 or even $250,000 by the year's end is ongoing. In an interview with Coinpedia, Jetking, an Indian company that has been accumulating Bitcoin since 2022, predicted Bitcoin prices would be in the range of $140,000-$150,000 by year-end. However, Bitcoin struggles to hold a key support level at ₹100,000.
The crypto market remains uncertain. While there are predictions of significant Bitcoin growth, current geopolitical factors and market behavior suggest a cautious approach to investments.
