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The Israeli-Gaza war is casting a shadow over Bitcoin's potential rally as the Fed prepares to cut rates. With market uncertainty rising, the cryptocurrency could struggle to hold above $50,000, experts warn.
Israeli-Gaza War Threatens Bitcoin’s Rally
As the US Federal Reserve prepares to decrease interest rates, the Israeli-Gaza war is expected to dampen Bitcoin's recent gain.
War, according to crypto expert Doctor Profit's X article, will probably cause market uncertainty by stoking additional panic. Coingape states that as disputes like this intensify, risk assets like Bitcoin and other cryptocurrencies are inevitably hit the hardest as investors attempt to liquidate their investments.
Previous Conflicts Sent Bitcoin Down 8%
As the conflict between Israel and Hamas appeared to heat up in October 2023, for example, the price of Bitcoin fell by more than 3%. More recently, after Iran attacked Israel on April 13 of this year, the main cryptocurrency fell by more than 8%. So, if the tensions between Israel and Gaza escalate, this time will probably be no different.
Following Israel's announcement that it has shifted its focus to the ongoing Israel-Hamas conflict, regional tensions are expected to escalate. In its pursuit of stronger action against Hezbollah, the nation is contemplating bolstering its military presence in Lebanon.
Rate Cut Expected After September FOMC Meeting
On September 18, following the FOMC meeting, the US Federal Reserve is expected to announce a possible rate drop. This development is timed to coincide with that announcement. A Bitcoin rally could be in the works as a result of this macro decision, as BTC is anticipated to gain from historical tendencies. But that won't happen right away due to the Israeli-Gaza conflict.
It is highly probable that the Israeli-Gaza conflict will cause the price of Bitcoin to fall below $50,000. Already, some experts are predicting that the main cryptocurrency's price will fall below this mark. Therefore, these forecasts may come true in the end due to tensions in the Middle East.
Head and Shoulders Pattern Points to $40,000 Drop
In an X post, crypto expert Zoran Kole expressed his belief that the price of Bitcoin might fall to below $40,000 or less. The "clear" Head and Shoulders pattern he saw on Bitcoin's chart might cause the price to fall below $40,000, he added.
