Global Politics and Investment Hedge Drive Potential Bitcoin Price Surge

According to recent developments, international politics and the search for an investment hedge could potentially drive an increase in the value of Bitcoin (BTC) in the upcoming months, despite a 10% decrease in its value during the previous week. This notion has been supported by Edouard Hindi, the Chief Investment Officer at Tyr Capital, who stated that Bitcoin remains a viable doomsday asset in 2024 due to its increasing correlation with gold and the fact that investors are increasingly diverting from traditional financial assets. Hindi believes that the current Bitcoin Exchange Traded Funds (ETFs) rally is leading this doomsday surge, and we can anticipate a significant hike in Bitcoin’s value to $120,000 in the coming months as global geopolitical situations deteriorate further, and the affluent classes look for methods to safeguard their wealth. Crypto markets have been adversely affected by the escalating tension between Iran and Israel, coupled with profit-taking before the anticipated halving of Bitcoin’s rewards system, which is scheduled to occur on April 20th. Major tokens fell as much as 18% during the weekend, but they regained some of their losses on Monday before declining once again in Asian morning hours on Tuesday. Additionally, there has been a slowdown in Bitcoin ETF inflows during the past week, with only BlackRock’s IBIT product witnessing inflows on Monday, while the remaining ten ETFs experienced outflows. Market analysts argue that Bitcoin’s short-term price movements will determine the trajectory of the overall crypto market during the forthcoming weeks. As per Alex Kuptsikevich, an FxPro senior market analyst, the current dip in US stock markets is affecting international risk appetite. He added that the ongoing situation is pivotal in deciding the overall market direction for the following weeks. If there is an upturn from this region, it may enable the anticipation of a speedy return to the most recent highs. However, if the price falls beneath this level, it may lead to a larger liquidation of positions.