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Bitcoin ($BTC), which was affected by the tension and geopolitical tension between Israel and Iran and fell to the $100,000 level, continues to recover.
At this point, while Bitcoin has climbed above $106,500, there is still some uneasiness in the market about the direction of the price.
Speaking to The Block, $BTC Markets analyst Rachael Lucas explained her updated Bitcoin analysis.
Is the New $ATH the Next Stop for Bitcoin?
Stating that Bitcoin is extremely sensitive to geopolitical uncertainties, Rachael Lucas said that despite this, $BTC recovered quickly.
Lucas noted that Bitcoin price is currently being shaped by a combination of three factors: corporate flows, macroeconomic data, and geopolitical risk.
The analyst also said that the fear and greed index currently stands at 61, indicating a moderate outlook. The recent recovery against this figure reflects optimistic yet cautious investor sentiment, he said.
Finally, the analyst stated that he expects a new $ATH and said:
“Geopolitical uncertainty often drives Bitcoin down. This was the case in the Israel-Iran case. However, $BTC usually recovers quickly as investors use Bitcoin as a geopolitical hedge.
At this point, the recent breakout of the $106,406 resistance in Bitcoin shows that the bullish momentum continues, and the next important target will be the all-time high.
All or Nothing for Bitcoin and Ethereum!
Apart from Rachael Lucas, Kronos Research CIO Vincent Liu also evaluated $BTC's recent movements.
Liu, who predicted that Bitcoin would make a breakout after the uncertainty and tensions ended, said, “Bitcoin is seeing strong global liquidity and institutional demand, which could pave the way for a breakout once the dust settles in the market.”
However, Liu stated that a much more important event awaits us, and said that this is the FED interest rate decision. According to Liu, this meeting could mean “all or nothing” for $BTC and Ethereum.
*This is not investment advice.