Mechanism Capital Partner Andrewkan said on social media that it would be difficult for Bitcoin to experience a revision of more than 30% in the short term.
“The actions Trump took during the trade war were an absolute bottom for Bitcoin,” Kang said. Claiming that current market conditions support a surge in Bitcoin, Kang argued that a deep revision is unlikely to occur before the largest cryptocurrency reaches at least $140,000 to $160,000.
Meanwhile, the threat of a war between Israel and Iran has left investors away from cryptocurrency. The fact that cryptocurrencies are considered unstable and dangerous assets at a time of uncertainty has caused investors to turn into safer shelters. The escalation of tensions between the two countries also raised concerns that Iran could close the Strait of Hormuz in retaliation. According to the U.S. Energy Information Agency, 20% of the world’s oil transport comes through this strait.
Iran’s supreme leader Ayatollah Ali Khamenei vowed to retaliate against Israel in a message published in X, writing, “The country must be prepared for severe punishment.”
*This is not investment advice.
