The latest developments between Russia and Ukraine pushed cryptocurrencies back seriously, while gold prices increased. Meanwhile, an economist announced his predictions for Bitcoin, Ethereum and gold, giving a date. Cryptokoin.com is providing the details…
Bitcoin and altcoins decline
The price of Bitcoin fell sharply in the early hours of Thursday as reports spread that Russian forces are launching a massive offensive in Ukraine. Bitcoin price was trading just under $37,000 when media reports and social media posts began spreading with videos showing the missile strikes, including the main airport in Ukraine’s capital, Kiev, according to market data.
Reports began to appear earlier today that there were explosions at several Ukrainian military sites, as the country’s president Volodymyr Zelensky said, “Putin has launched a full-scale invasion of Ukraine.” Bitcoin dropped below $34,500 in less than a day, from around $39,000 yesterday. Most altcoins suffered double-digit price drops, including Ethereum, Binance Coin, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and others.
Tuna Kaya: BTC, ETH and gold will see these levels
While there was a depreciation in prices, economist Tuna Kaya came up with his long-term forecasts. According to the economist, if $36,200 is broken, the recovery could take until September. On the upside, attention is drawn to the $45,400 level, suggesting that BTC and altcoins can be bought at $37,000 and below. BTC is trading below these levels at the time of writing. The economist also suggests that if BTC stays at $35,000, which is “considered to act as a litmus,” $73,000 could be seen on June 10.
Indicating that $2,500 and gold are buying zones in Ethereum price, the economist says that if it can be surpassed above $3,700 and prices can hold at this point, $7,000 levels can be seen in June. On the other hand, stating that gold is a “sleeping giant”, Kaya said that as long as an ounce of gold stays above the level of $ 1,876, it can reach $ 2,200 towards the middle of summer. It has an estimate of $2,400 at the end of the year and $3,000 in 2023. Under grams, it estimates 2,500-3,000 pounds for the year 2023.
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