The main cryptocurrency, Bitcoin ($BTC), continues to hold its ground despite the intensification of geopolitical crises in the Middle East.
In this context, as Bitcoin surpassed $72,000, data reveals that the world’s leading investment funds are rapidly shifting away from gold, a traditional safe haven, to Bitcoin.
At this point, global cryptocurrency derivatives exchange BitMEX has predicted a price of $84,000 for Bitcoin due to the combination of current conditions.
The latest report from BitMEX indicates that the price movements of gold and Bitcoin have diverged significantly since the armed conflict between the United States and Iran.
Since the war, the price of Bitcoin has increased, while the price of gold has been on a downward trend.
“With logistics routes becoming unusable due to the Strait of Hormuz crisis, the transportation of heavy and bulky physical gold has also become risky. »
This situation highlighted the ease of use of Bitcoin, allowing real-time transfers without any limitations. Institutional investors have also started to prefer Bitcoin as an alternative safe haven.
BitMEX analysts recently noted that Bitcoin’s scarcity is also attracting investors, referencing the recent mining of the 20 millionth Bitcoin. $BTC. They argue that the arithmetic limitation of only 1 million new $BTC their introduction to the market fuels competition among investors to buy in advance.
Finally, analysts reported that based on current macroeconomic conditions, the first target for Bitcoin is $84,000.
As an investment strategy, they said they consider the range of $67,000 to $71,000 as the most suitable entry point as it offers the highest expected return based on the risk-reward ratio. However, they warned that the $64,000 support level is critical for the daily close and a break below could worsen the decline.
JPMorgan analysts also noted that Bitcoin and gold ETF trends have changed since the war between the two countries, with an increase in inflows to Bitcoin ETFs and outflows from gold ETFs.
*This does not constitute investment advice.
