Will Israel-Iran Conflict Push Bitcoin Further Down? Analysts Discuss

The Bitcoin price dropped to $60,164 on Tuesday due to heightened geopolitical tensions in the Middle East, with Iran launching missile attacks on Israel. The escalation affected global markets, causing a 4% drop in Bitcoin's price. Market participants had anticipated a strong bullish trend for the month, but the reaction to the geopolitical news may be overblown, according to analysts. Macro strategist Alex Krüger notes that election years in the US typically bring volatility, and October is usually the most volatile month. Krüger expects further volatility ahead, especially with upcoming payroll data on Friday. However, he suggests that the time to invest is after the elections, possibly starting on Election night itself. Prominent crypto analyst CRG believes the Bitcoin price could recover despite the temporary market turbulence, citing increased liquidity in the market as a potential support. CRG remains bullish on Bitcoin's long-term trajectory, predicting that $100,000 BTC is coming. Singapore-based trading firm QCP Capital notes that the broader economic backdrop remains favorable for risk assets in the medium term, despite the immediate impact of the conflict. They point to global monetary policies, including the flush of liquidity from the PBoC, as a significant factor supporting asset prices heading into 2025.