Bitcoin To $140,00 In 50 Days? Bitwise Bets On War Rally
Bitwise Asset Management’s European research arm predicts a potential relief rally for Bitcoin following recent geopolitical tensions between Iran and Israel. Historical data shows Bitcoin typically rises 31.2% on average fifty days after significant geopolitical events. The firm’s Crypto Asset Sentiment Index briefly turned negative but returned to slightly bullish due to renewed inflows into spot exchange-traded products and US dollar weakness. Bitcoin's price fluctuated between $102,600 and $107,000 amidst the conflict, outperforming the S&P 500. Key factors supporting this outlook include behavioral patterns from past geopolitical shocks, macroeconomic conditions like a depreciating US dollar, and structural demand from spot Bitcoin ETFs and corporate treasuries. Despite some skepticism regarding past performance, Bitwise emphasizes that current market conditions resemble those preceding historical rallies. Bitcoin was trading at approximately $107,239 at press time.
