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Bitcoin Price Prediction as Global Markets React to Iranian President’s Helicopter Crash: Potential for War?
Last updated: May 20, 2024 04:33 EDT | 3 minute read
Bitcoin (BTC) halted its decline and rallied, surpassing $67,000 and hitting an intraday high of $67,600.
After briefly falling below $66,000, Bitcoin has recovered expectations of rate cuts by the Federal Reserve and rising tensions in the Middle East, particularly following the helicopter crash involving the Iranian president.
These factors have led investors to watch Bitcoin as a hedge against economic and geopolitical uncertainty.
Looking ahead, cryptocurrency traders will focus on speeches from Fed officials Bostic, Bullard, Waller, Evans and Mester, as they will provide insight into future monetary policy.
Aggressive comments from these officials could limit Bitcoin’s upward trend by signaling tighter monetary policy, reducing the attractiveness of riskier assets like cryptocurrencies.
Bitcoin as a safe haven amid geopolitical unrest
Bitcoin often gains value as a safe haven during times of geopolitical turmoil or economic uncertainty. Recently, Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian died tragically in a helicopter crash in East Azerbaijan province.
Rescuers found the crash site after searching in difficult weather conditions.
- The Iranian vice president will assume presidential duties.
- New elections are expected within 50 days.
- Middle Eastern countries are showing solidarity with Iran in this difficult time.
The perception of Bitcoin as a safe haven asset can lead to increased demand and a higher BTC price amid such crises.
Fed rate cut expectations push Bitcoin into an environment of economic uncertainty
The broad-based U.S. dollar fell slightly as investors anticipated potential Fed rate cuts. Richmond Fed President Thomas Barkin noted that while inflation is easing, reach the 2% target. it will take longer. Cleveland Fed President Loretta Mester said current monetary policy is appropriate as they continue to evaluate economic data.
Fed Governor Michelle Bowman said that while policy is restrictive, she is open to raising rates if inflation stops.
According to FedWatch ECM toolMarkets have priced in a 10% chance of a rate cut in June and nearly 80% in September.
The prospect of Fed rate cuts and cautious comments on monetary policy contribute to increased uncertainty and volatility in financial markets. This context leads investors to seek alternative assets such as Bitcoin (BTC) as a hedge against inflation and economic instability, increasing its price.
The BTC/USD pair is currently trading at $66,927, up 1.01% in an uptrend. Bitcoin price prediction. The 4-hour chart shows the pivot point at $65,984, a crucial level for short-term price action.
Immediate resistance lies at $67,443, followed by $69,156 and $71,194. On the downside, immediate support lies at $64,617, with further support at $63,040 and $61,328.
The Relative Strength Index (RSI) is at 59, indicating moderate momentum. An ascending triangle pattern is forming, with resistance around $67,443 and support at $65,985, which typically signals a potential breakout to the upside.
The 50-day exponential moving average (EMA) at $64,562 supports the bullish outlook.
Current trend: Bitcoin remains bullish above $65,984. A break below this level could trigger a strong selling trend.
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