Bitcoin’s Resilience Amid Geopolitical Tensions
Bitcoin briefly fell below $100,000 in early May, influenced by rising tensions between Israel and Iran. Arthur Hayes, co-founder of BitMEX, views this dip as temporary, expressing confidence in Bitcoin‘s long-term stability.
Market Analysts on Bitcoin’s Current Trajectory
Markus Thielen from 10x Research notes that Bitcoin’s position above $98,000 suggests potential for short-term gains. A drop below this level, however, may require a more cautious approach due to limited upward momentum.
Sustained Institutional Interest in Bitcoin
Eugene Cheung of OSL points to Bitcoin’s quick rebound as evidence of robust institutional backing. This support highlights Bitcoin’s capacity to withstand market shocks and maintain an overall upward trend.
Potential Shift Toward Altcoins
Nick Ruck at LVRG Research observes that altcoins could gain traction if macroeconomic conditions stabilize. This outlook follows a modest 1.5% decline in the total crypto market value over 12 hours.
