Bitcoin Can Hit $74,000 Despite Iran Tensions, Trader Predicts
Bitcoin held around $67,000 as traders anticipated market reactions to Middle East tensions, with one analyst predicting a rally to $74,000.Summary
Bitcoin (BTC) largely ignored geopolitical volatility over the weekend, stabilizing near $67,000 while traditional finance (TradFi) markets awaited Monday's opening. Analyst Michaël van de Poppe noted the initial response was positive but cautioned that breaking the 21-Day Simple Moving Average (around $67,627) is necessary for a relief rally, potentially occurring in March or April.
Another trader, BitBull, suggested a rally toward the $73,000–$74,000 level could occur after Bitcoin deviated below support and flipped resistance. Meanwhile, concerns remain regarding oil prices, as Iran's claims about closing the Strait of Hormuz could trigger a significant impact on US inflation, with one analysis suggesting the Consumer Price Index (CPI) could jump to 5%.
(Source：Cointelegraph)