Summary
- There are observations that "Bitcoin" has overcome short-term bearishness and broken through the resistance line.
- Vincent Liu, CIO, mentioned that strong global liquidity and institutional demand remain, and if the trend continues, a new all-time high is also possible.
- Analyst Rachel Lucas pointed out that despite geopolitical instability, there is a tendency for investors to choose Bitcoin as a geopolitical hedge.
Bitcoin (BTC) has overcome the short-term bearishness triggered by the Middle East conflict that began last week, and if the trend continues, breaking the all-time high is also possible, according to some experts.
On the 16th (KST), according to the crypto-focused media outlet The Block, Vincent Liu, CIO of Kronos Research, stated that "Bitcoin's strong global liquidity and institutional demand remain unchanged," and added, "Once the dust settles, a breakthrough could emerge." He continued, "Bitcoin breaking through the $106,406 resistance line indicates that the bullish momentum persists, and the next major target is the all-time high."
As of 2:35 PM that day, Bitcoin was trading at $106,629 on CoinMarketCap, up 0.82% from the previous day.
Rachel Lucas, a crypto analyst at BTC Markets, also noted, "Due to geopolitical instability, such as Israel's airstrike on Iran's nuclear facility, the price of Bitcoin temporarily dropped by 4%, revealing its sensitivity as a risk asset." However, she explained, "There are also many instances where investors use Bitcoin as a geopolitical hedge, leading to a rapid price rebound."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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