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The cryptocurrency market is currently witnessing an increased volatility, especially with Bitcoin (BTC) dramatically. Recently, the price has decreased to less than $ 99,000 before recovery to more than $ 106,000 in just 24 hours.
Bitcoin preparation in the ups in geopolitical tensions
In a conversation mail On the former social media platform (Twitter), analyst Cyclop suggested that despite the current market conditions, BTC displays a bullish preparation that reminds us of the patterns seen in March 2020.
The analyst pointed out that Bitcoin seems to reflect his previous movements, with a brief decline followed by a gathering of BTC and Altcoins. CYCLOP draw similarities between the ongoing geopolitical tensions that include Israel, Iran, the United States and the market dynamics that were observed during the crash of Covid-19.
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With acknowledgment Geopolitical conflict He pointed out that the global panic in the market is one of the distinguished issues, and he pointed out that both scenarios led to sharp but temporary sale, followed by fast recovery operations.
According to CYCLOP, the current market preparation presents similar characteristics: broad fear, morale that is risky among investors, and global uncertainty.
He stressed the importance of understanding the timing of the solution of these tensions, which indicates that for a strong gathering, many of the upscale stimuli are necessary to alleviate uncertainty in the market. Determine three main factors: capabilities Interest rate discountsThe ceasefire between Iran and Israel, and Bitcoin holds decisive support levels.
$ 120,000 by the end of the year?
Recently, the ceasefire was announced 12 days after the severe conflict between Iran and Israel. In a noticeable public statement, President Donald Trump criticized both countries, indicating that their actions were misleading.
This period of relative calm is a positive indication of the market. Cyclop highlighted that maintaining the level of $ 100,000 for Bitcoin was decisive, and Coded She has succeeded in breaking the $ 106,000 barrier, indicating more growth.
Moreover, ETHEREUM (ETH) also showed signs of rapid recovery along with Bitcoin as its main price approaches $ 2500. CYCLOP advised investors not to perfectly try the market time, because the repercussions can often feel anxious and unconfirmed.
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In the future, Cyclop expects a standardization for Bitcoin within a range of $ 102,000 to $ 106,000, with outlooks that BTC can push to the highest level ever at about $ 120,000 by November or December this year.
As of the writing of these lines, Bitcoin is traded at $ 106,500 per currency. Despite the ongoing economic uncertainty, the leading cryptocurrency in the market has witnessed an annual increase on an annual basis.
However, Bitcoin is still trading approximately 5 % of the record of $ 111,800, which was reached on May 23. The most important level of resistance is $ 110,200, which prevented the stage of discovering the new bitcoin prices on two occasions.
Distinctive image from Dall-E, Chart from TradingView.com
The post Expert Identifies 3 Bullish Catalysts first appeared on Investorempires.com.
