Bitcoin Price Surges Past $65,000 Amid Easing Iran-Israel Tensions and Halving Event Approaches
Bitcoin’s price momentarily exceeded $65,000 as the market reacted to seemingly reducing geopolitical tensions between Israel and Iran.
The crypto industry experienced a slump in the past week amid escalating tensions in the Middle East. However, following a muted response from Iran and tempered action from Israel, the broader crypto market saw a turnaround this morning, rising by more than 4%.
During early Asian trading hours, Bitcoin briefly dipped below $60,000 but swiftly rebounded as Iranian authorities downplayed the severity of the attack. The leading crypto surged by 5% to approximately $64,450 as of press time.
Market analysts attribute the market’s resilience to Israel’s measured response and Iran’s attempts to de-escalate tensions. Both nations are reluctant to engage in a full-scale conflict, easing concerns of a Gulf War resurgence.
Renowned Bitcoin analyst Tuur Demeester highlighted the increase in oil prices and noted that military instability typically drives demand for secure, scarce assets with minimal counterparty risk. In this scenario, he identifies bitcoin, commodities, and gold as viable safe-havens.
Market analyst Mortensen Bach also commented on the situation, stating that the current liquidity cycle will drive risk assets higher. He believes that there are no serious arguments for a cycle top and that the recent events between Israel and Iran do not mark the end of this cycle.
However, some argue that Bitcoin’s rebound may be due to a potential end to the short-term duel between the nations rather than acting as a safe haven.
These developments are occurring just as Bitcoin’s halving approaches, scheduled for April 20. With fewer than 100 blocks remaining before the event takes effect, analysts predict promising outcomes for long-term investors in this cycle.
While some believe the halving event could lead to a “sell the news event in the micro term,” the overall sentiment remains positive for Bitcoin’s future growth.
