The escalation of the Israeli-Palestinian war created selling pressure in the crypto market. The leader of cryptocurrencies, which managed to reach $ 28,580 on October 2, dropped by 7.13 percent in just ten days. BTC, which creates fear in the market and investors in terms of time-price performance, is currently priced around $ 26,800.
BTC is getting closer to the $26,613 – $26,426 range. This region, which is a deciding factor for the short and medium-term price structure, is likely to lead to larger declines if it is not protected by buyers. A volume break of $26,426 could push the BTC price towards $25,000 levels.
Kyrr.io founder Karasu, known for his work on trade, stated that the Israel-Palestine war is not a new development and that this situation does not affect the financial markets much. He added that this war should not be equated with Russia-Ukraine.
“For the continuation of the upward movement, $25,000 must not be broken!”
Karasu
Karasu emphasized that the focus should be on getting bonds in both the US and Germany to rise above 3 percent. Saying that BTC should not remain below $ 25,000 for increases, the phenomenon stated that the Israeli-Palestinian tension will not shake cryptocurrencies much as long as it is priced above this level. Karasu said that it would not be right to expect an increase in altcoins unless there is an increase in the BTC price up to the 55-56 percent market dominance band.
Karasu’s BTC/USD chart on an hourly time frame is as follows:
Some easing of geopolitical troubles, critical positive news such as approval of spot Bitcoin ETFs, and BTC remaining above $27,450 will strengthen the positive scenario. In such a situation, $28,000 levels can be targeted again.
“The safe haven of this industry is Bitcoin!
Trader Omer
Cryptocurrency analyst Trader Ömer stated that in times of chaos, products with limited supply (Bitcoin, gold, silver, etc.) come to the fore. Expressing his views on the crypto industry, the trader said, “Investors see BTC as a safe haven” regarding the money outflows in altcoins.
Commenting on Bitcoin’s current dominance in the market as a natural development, Trader Ömer said, “It is a normal situation in the current period that the outflows in altcoins have a larger share than the outflows in BTC.”
Addressing the price structure in BTC, the phenomenon underlined that closings below $ 27,000 will strengthen the possibility of a drop to $ 25,000. He stated that in order for positive scenarios to be discussed, $27,000 should be “strongly defended” by buyers and $28,000 should be targeted.
Hirozaki, who is frequently mentioned with his crypto analysis, commented on the connection between geopolitical developments and the crypto industry for Coinkolik readers. The phenomenon, which expressed the impact of the events that took place in front of everyone’s eyes on Bitcoin, with Charlie Munger’s words, “It does not require intelligence to buy something that everyone knows,” made striking comments.
“Wasn’t there a war during the bull season?”
“If the wars and conflicts in the Middle East had affected the price of Bitcoin so far, the bottom would be 1 million dollars,” said Hirozaki, giving an example of this situation from the past. He stated that at the beginning of 2014, after peaking at $1150, BTC fell to $200 and could not exceed this level until May 2017, adding that that date also marked the beginning of the civil war in Yemen and the start of the war against the Salafist terrorist organization in Iraq and Syria by western powers. he stated.
Referring to the connection between Bitcoin and geopolitical developments, Hirozaki said: “The period from two years after the creation of Bitcoin until today is perhaps the most unstable period in the Middle East. The Syrian and Libyan civil war continued from 2011 until today. Can all this Bitcoin rise be attributed to this? No. “Anyway, none of the conflicts and wars between Israel and Palestine have had an impact on the price of Bitcoin so far.”
“Bitcoin halving will not be like the ones in the past”
Hirozaki
Emphasizing that the main events that will determine the changes in the BTC price will be determined by Binance, SEC and ETF, the phenomenon said that positive developments do not appear unless there is a surprise. Stating that the only thing that is clear for BTC is the halving, Hirozaki said, “There is a prevailing opinion that it will not be like the past halvings, and sometimes I get closer and further away from this view. “We are entering a period of stagnation for a while and where opportunities are flashing like a fire,” he said.
Speaking exclusively to Coinkolik, another analyst, Cemal The Market Maker, argued that BTC price movement has little to do with the war. However, touching on the risks in BTC in case the war escalates, Cemal The MM said that the decline in BTC is inevitable when large states such as the USA or countries mentioned in crypto become involved in the war.
“I expect a drop to $26,000!”
Cemal The Market Maker
Giving an example from the Russia-Ukraine war, the phenomenon stated that the decline experienced was instantaneous. Stating that BTC has been in decline since $ 28,000 and that the war accelerated this situation, Cemal The Market Maker announced that he expects a drop to $ 26,000.
Crypto investors are running away from altcoins!
Looking at the BTC.D (Dominance) chart for the last 40 days, it is clearly seen that the upward trend continues. BTC.D, which was 49.05 percent at the beginning of September, is currently at 50.98 percent. BTC.D, which increased by 4.65 percent in such a short time, reveals that investors are leaving altcoins and turning to Bitcoin.
BTC.D, whose main direction is upward even though it makes corrections from time to time, exceeded the 51 percent level after months due to the anxiety created by geopolitical risks. BTC.D, which was last seen in these regions on July 12, came to the same area again. The fear that the Israeli-Palestinian war has brought to the financial markets has a strong possibility of increasing BTC.D for a while and crushing altcoins.
There is a decline in Google searches!
Data from Google Trends showed that interest in crypto is on a downward trend. Searches for “Bitcoin”, which last reached 100 points on August 18, have not recorded a clear increase since then. The word “Bitcoin”, currently at 42 points, revealed data that investors are moving away from the crypto industry.
Successive ETF applications in August pushed almost all crypto metrics positive. But today’s various geopolitical risks have turned these statistics completely upside down.
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