The Bitcoin price took a sharp dip to $60,164 on Tuesday following heightened geopolitical tensions in the Middle East, with Iran launching missile attacks on Israel. The escalation rattled global markets, impacting both traditional and crypto assets. Bitcoin was not immune with a notable -4% drop. Market participants, who had anticipated a strong bullish trend for the month dubbed “Uptober,” were forced to reassess as broader market sentiment turned risk-off. However, the reaction to the geopolitical news may be overblown, according to several analysts. Will Bitcoin Drop Further? Macro strategist Alex Krüger (@krugermacro) cautions on the sudden shift in market sentiment. Via X, he writes, “It’s been bizarre observing everyone turn outright exuberant and calling for ‘Uptober‘. From doom to gloom, in a heartbeat […] Conflict in the Middle East notwithstanding, this is an election year in the US. Major uncertainty lies ahead.” Related Reading: Bitcoin Price Could Skyrocket To $118,000 By Year-End: Here’s Why Krüger highlights the volatility typically seen in financial markets during US election years, noting, “In election years, the month of October is accordin ..
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