The War between the US and Iran has once again escalated with new attacks from both sides, a development that has now dampened hopes for an impending peace deal. This has caused another significant drop in the price of Bitcoin, with one expert urging market participants to get their money out of BTC.
US Attacks Iran as Expert Urges Investors to Dump Bitcoin
A Al Jazeera report shows the US shot down four Iranian drones and attacked a ground control station in Bandar Abbas, in a new escalation of the three-month war. In response, Iran also attacked a US air base in Kuwait, a move that threatens to further escalate tensions between the two sides. Bitcoin fell sharply following these new attacks, amid declining optimism about the future impending peace deal.
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For now, US President Donald Trump had said that an agreement between the US and Iran had been largely negotiated, indicating that an announcement was imminent. However, President Trump later said he had instructed his team to take their time on a deal because they were in no rush. Bitcoin has been falling from a high of around $76,000 since the president’s statement.
Amid Bitcoin’s latest decline, expert SrPepe advised investors to get their money out of BTC as he claimed Binance, Coinbase and Bybit were dumping BTC right after the US market closed. He added that these crypto exchanges were selling millions of BTC every few minutes and had dumped the price to around $74,000.
It is worth noting that the Polymarket opportunities of a peace deal between the US and Iran before June 30 have fallen below 50%, now at 43%. As such, the risk of Bitcoin and the broader crypto market decreases further if a peace deal between the US and Iran is not reached soon.
BTC is still likely to fall to around $71,000 and below
Crypto analyst said CryptoCondom that Bitcoin is likely to continue lower, with a looming decline to $71,000 followed by another decline after a dead cat bounce. He further noted that June is poised to be super bearish for crypto as all the tech and space stocks continue to steal liquidity before the SpaceX IPO.
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CryptoCondom was an echo of crypto analyst Altcoin Sherpa’s feelings about Bitcoin’s weak price action. The analyst opined that BTC was likely to fall to around $71,000 as the 4h EMAs had lost the bullish trend, although he stated that the leading crypto still looks good in the overall context. Altcoin Sherpa previously opined that BTC’s February low of $60,000 was likely the lowest in history. this bear market.
At the time of writing, the Bitcoin price is trading around $72,800, down more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com