Bitcoin's price and that of other cryptocurrencies continue to be influenced by geopolitical events around the world. Recent actions by Israel against Iran have led to a significant drop in prices.
Crypto Market Under Pressure
On Friday, June 13, Bitcoin (BTC) dropped nearly 5%, reaching a daily low of $102,822. This drop occurred amid Israel's early morning strike on Iran, which created risk-off sentiment in the market.
While Bitcoin declined, oil prices surged by 14%, a typical response during Middle East crises. Gold also climbed 1.74%, reaching $3,438.36 per ounce.
Expert Views on Potential Recovery
Despite Bitcoin's decline, analysts believe that crypto markets may soon bounce back. According to Marcin Kazmierczak, co-founder and COO of RedStone, similar situations in the past have led to temporary dislocations often followed by price rebounds.
> "Bitcoin dropped as much as 5% to $102,900, falling below the psychologically important $103,000 level. Ethereum shed even more, declining up to 7.6% at its worst point," Kazmierczak noted.
Alternative Perspectives on the Situation
Bitunix analysts have a different view. While they agree that risk assets are vulnerable to Middle East conflict, they believe Bitcoin may serve as a safe haven for investors.
> "The conflict between Israel and Iran has pushed up the demand for risk aversion. If geopolitical conflicts continue to rise, we cannot rule out the possibility of Bitcoin challenging the $110,350 liquidity target," the Bitunix analyst explained.
The situation in the Middle East continues to significantly impact the cryptocurrency market. Analysts' forecasts are made with caution, emphasizing the complexity of decision-making amid geopolitical risks.
