The US-Iran war has again escalated with fresh strikes from both sides, a development that has now dampened hopes of an imminent peace deal. This has caused another significant decline in Bitcoin’s price, with an expert urging market participants to remove their funds from BTC.
US Strikes Iran As Expert Urges Investors To Dump Bitcoin
An Al Jazeera report shows that the US shot down four Iranian drones and attacked a ground control station in Bandar Abbas, in a new escalation of the 3-month-long war. In response, Iran also struck an American airbase in Kuwait, a move that further threatens to escalate the tensions between the two sides. Bitcoin fell sharply on the back of these fresh attacks, amid fading optimism of an imminent peace deal.
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Before now, US President Donald Trump had said that an agreement between the US and Iran had been largely negotiated, signaling that an announcement was imminent. However, President Trump later said he had told his team to take their time on a deal, as they were in no rush. Bitcoin has been on a decline from a high of around $76,000 since the president’s statement.
Amid the latest decline in Bitcoin, expert SrPepe advised investors to get their funds out of BTC as he claimed that Binance, Coinbase, and Bybit were dumping BTC right after the US market close. He added that these crypto exchanges were selling millions of BTC every few minutes and had dumped the price to around $74,000.
It is worth noting that the Polymarket odds of a US-Iran peace deal before June 30 have crashed below 50%, now at 43%. As such, Bitcoin and the broader crypto market risk further declines if a US-Iran peace deal does not happen soon.
BTC Likely To Still Drop To Around $71,000 And Lower
Crypto analyst CryptoCondom said that Bitcoin is likely to continue lower, with a drop to $71,000 imminent, followed by another decline after a dead cat bounce. He further remarked that June is primed to be super bearish for crypto, as all the tech and space stocks continue to steal liquidity ahead of the SpaceX IPO.
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CryptoCondom was echoing crypto analyst Altcoin Sherpa’s sentiments about Bitcoin’s weak price action. The analyst opined that BTC was likely to drop to around $71,000 as the 4h-EMAs had lost the bullish trend, although he stated that the leading crypto still looks fine in the overall context. Altcoin Sherpa previously opined that BTC’s February low of $60,000 was likely the bottom in this bear market.
At the time of writing, the Bitcoin price is trading at around $72,800, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com