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Reading: Market Uncertainty Heightened by Middle East Tensions – Can Bitcoin Serve as a Safe Haven?
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Gulf Press > Business > Crypto > Market Uncertainty Heightened by Middle East Tensions – Can Bitcoin Serve as a Safe Haven?
Crypto

Market Uncertainty Heightened by Middle East Tensions – Can Bitcoin Serve as a Safe Haven?

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Last updated: 2024/10/03 at 10:50 PM
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With the ongoing geopolitical tensions in the Middle East, Bitcoin has struggled to surpass the $60,500 mark, reflecting the broader market’s uncertainty. The global crypto market cap has decreased by 1.44% to $2.13 trillion in the last 24 hours due to Iranian missile strikes on Israel in response to Israeli military actions. This conflict has intensified with the United States sending military support to Israel, adding to global market instability. However, despite this negative sentiment, JP Morgan analysts believe that geopolitical instability and the approaching US presidential elections may drive investors to seek safety in assets like Bitcoin and gold, leading to increased demand for these traditional hedges.

Standard Chartered’s Geoff Kendrick views the ongoing conflict in the Middle East as a potential buying opportunity for Bitcoin, particularly with prices under $60,000. The surge in open interest in December options, totaling 80,000 contracts, indicates market optimism. Despite a recent 5% drop in Bitcoin’s price due to events like Iran’s missile attacks on Israel, Kendrick highlights Bitcoin’s value as a hedge against traditional financial risks such as bank collapses and U.S. Treasury concerns. Additionally, with political uncertainty surrounding the US presidential election, Kendrick suggests that Bitcoin may gain popularity as a safe-haven asset in the post-election period, especially with the likelihood of a Trump victory.

JP Morgan analysts support this viewpoint, noting that geopolitical tensions and election-related risks could drive investor interest in safe-haven assets like Bitcoin and gold. However, Standard Chartered’s Geoffrey Kendrick warns of potential short-term price dips for Bitcoin below $60,000 due to geopolitical uncertainties. Despite being considered a hedge against inflation, Bitcoin’s price may react sharply to global events. Kendrick believes any such dip will be temporary and won’t impact the long-term outlook. Furthermore, the options market shows positivity, with increased call options for $80,000 by December 2024 indicating trader optimism for a recovery. Kendrick suggests that with favorable conditions such as ETF approvals and growing institutional interest, Bitcoin could reach $250,000 by 2025.

Although short-term risks exist, the long-term fundamentals of Bitcoin appear bullish, supporting potential recoveries and sustained investor confidence. From a technical perspective, Bitcoin remains under pressure as it struggles to surpass the critical $61,107 resistance level. The asset is currently within a descending channel pattern, indicating a bearish trend that may intensify if prices break below the immediate support at $59,989. On the upside, a successful move above $61,107 could trigger a retest of $61,684 and further to $62,176, signaling a shift in momentum. The Relative Strength Index (RSI) stands at 42.86, suggesting a slight bearish bias until Bitcoin decisively breaks above the downward trendline resistance at $61,107.

In addition to the geopolitical and technical aspects of Bitcoin, investors can also explore new opportunities such as Memebet Token, which offers a unique way to wager meme coins like $PEPE and $DOGE in web and Telegram casinos through the Memebet Casino platform. Memebet Token holders can enjoy exclusive play-to-earn airdrops, VIP bonuses, and special rewards tailored for degens. With 20% of the total Memebet Token supply allocated for player airdrops, investors have the chance to benefit from exclusive bonuses and rewards. The current presale price for Memebet Token is 1 $MEMEBET = $0.0256, providing an opportunity to purchase the token at presale prices using various payment methods. However, it’s essential to remember that investing in crypto is a high-risk asset class, and it’s crucial to conduct thorough research and seek professional advice before making any investment decisions.

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News Room October 3, 2024
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