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Experts say Bitcoin could fall to $60,000 if oil prices remain high
As geopolitical tensions intensify, putting pressure on the cryptocurrency market, analysts warn that Bitcoin may retest critical support levels.
Recently, tensions between the United States and Iran led to a drop in Bitcoin’s price from around $71,000 last week to approximately $67,000. Over the weekend, the price briefly dipped to $65,000, highlighting growing uncertainty in the markets. BTC Markets analyst Rachel Lucas stated that Bitcoin rose to $72,000 last week amid hopes for a diplomatic resolution to the Middle East conflict, but this rally was offset by weakening expectations and renewed concerns over oil supply.
According to Lucas, developments around the Strait of Hormuz are increasing global inflationary pressure. This complicates potential interest rate cuts by the Federal Reserve, placing additional pressure on crypto assets. BTSE COO Jeff Mei said that high oil and gas prices could slow economic growth in the short term, creating downside risk for the crypto market. Mei stated that under this scenario, Bitcoin could fall to the $60,000 support level.
Head of research at Bitrue Andri Fauzan Adzima also said markets will remain sensitive to news flow and exhibit high volatility. According to Adzima, Bitcoin could drop to $60,000 if tensions between the US and Iran escalate; however, if tensions ease and oil prices decline, the price could rise above $70,000 again.
On the other hand, there is a notable divergence in investor behavior. Lucas noted that retail investors tend to panic and adopt a wait-and-see approach or hedging strategies, while institutional investors are moving toward accumulation. Inflows of over $1.13 billion into US spot Bitcoin ETFs this month signal the end of a four-month outflow streak; continued Bitcoin accumulation by Strategy and Morgan Stanley preparing to launch a low-fee Bitcoin ETF are among the developments supporting institutional interest.
See also: "Analyst says the CLARITY Act could hinder yield opportunities for DeFi tokens"
