Mechanism Capital partner Andrew Kang stated on social media that it is difficult for Bitcoin to experience a correction of more than 30% in the short term.
“The measures Trump took during the trade war period were an absolute bottom for Bitcoin,” Kang said. Claiming that current market conditions support Bitcoin’s upward surge, Kang argued that a deep correction is unlikely before the largest cryptocurrency reaches at least $140,000 to $160,000.
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On the other hand, the threat of war between Israel and Iran has caused investors to stay away from cryptocurrencies. The fact that cryptocurrencies are seen as volatile and risky assets in times of uncertainty has triggered investors to turn to safer havens. The escalation of tensions between the two countries has also raised concerns that Iran could close the Strait of Hormuz in retaliation. According to the US Energy Information Administration, 20% of global oil transportation takes place through this strait.
Iran’s Supreme Leader Ayatollah Ali Khamenei vowed to retaliate against Israel in a message published on X, writing that the country “must be ready for a harsh punishment.”
*This is not investment advice.
Continue Reading: Does South Korean analyst Andrew Kang Expect Bitcoin to Fall Following Recent Events? “There Won’t Be a Correction at Least Until Here”
