Analysts Predicts Geopolitical Events will Make BTC Plummet

Geoff Kendrick, the Head of Digital Assets at Standard Chartered predicts a drop in bitcoin prices in the coming weeks. According to Geoff, geopolitical tensions and uncertainty could influence bitcoin prices to fall below $60,000. This is both a worry-inducing prediction and also an opportunity based on his perspective.

Geoff believes it as an opportunity for accumulation should the world’s largest crypto currency drop in price. Overtime, bitcoin has proven to be affected by geo-political events unlike gold. While gold hedges against geopolitical events, bitcoin hedges against traditional financial risks. 

Tensions in the Middle East are on the high. Israel’s attack on Beirut and Iran’s attack on Israel may trigger bitcoin price to plummet. This, alongside a possible Trump victory in the US presidential election in November, will improve the price of the digital asset later on. With the likelihood of Trump’s victory to Kamala Harris’ victory being at 51% to 49% respectively, investors will be hoping to accumulate BTC ahead of a likely Trump victory. 

Crypto expert, Peter Brandt also predicts a likely price drop for bitcoin after observing a “three blind mice” pattern. This pattern popularly known as the “three blind mice and a piece of chese” pattern is infamous for its habit of influencing a price drop. The last time Peter Brandt talked about a three blind mice pattern, BTC experienced a price slump that lasted several days before picking up in January the following year. Brandt made the post on the 17th of December 2022. At the time, bitcoin traded at $17,000. 

However, Brandt, in his recent update on bitcoin, mentioned that the current rally experienced in the crypto market doesn’t in anyway interfere with the lower high and lower lows bitcoin had experienced in the past 7 months. He also mentioned that the cryptocurrency will still witness a downtrend move.