{"id":648,"date":"2024-10-03T16:46:58","date_gmt":"2024-10-03T16:46:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=648"},"modified":"2024-10-03T16:46:58","modified_gmt":"2024-10-03T16:46:58","slug":"bitcoin-headed-below-60000-geopolitical-tensions-might-present-buying-opportunity-analyst-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=648","title":{"rendered":"Bitcoin Headed Below $60,000? Geopolitical Tensions Might Present Buying Opportunity, Analyst Says"},"content":{"rendered":"
\n

According to Geoff Kendrick, Standard Chartered\u2019s global head of digital assets research, Bitcoin (BTC) dropping below $60,000 due to escalating geopolitical tensions in the Middle East could offer a prime buying opportunity.<\/p>\n

Bitcoin Below $60,000, A Buying Opportunity?<\/h2>\n

As tensions between Iran and Israel intensify, risk-on assets like Bitcoin may face a downturn<\/a> as investors flock to safer investments such as gold. However, Kendrick suggests that the potential pullback in digital assets like BTC could be an opportunity for accumulation.<\/p>\n

In a recently shared note, Kendrick remarked:<\/p>\n

\n

Risk concerns related to the Middle East seem destined to push bitcoin below $60,000 before the weekend, but, positions like the $80,000 call options highlighted here and the circularity vis-\u00e0-vis Trump probabilities suggests the dip should be bought into.<\/p>\n<\/blockquote>\n

Kendrick also noted a surge in call option open interest on Deribit, with an increase of 1,300 BTC in the past two days for December 27 expiry contracts at an $80,000 strike price. This indicates that more traders are betting on a year-end rally for BTC, painting a positive market outlook for the leading cryptocurrency.<\/p>\n

The analyst cleared that BTC has not proved itself as a hedge against geopolitical tensions yet, and that gold still reigns supreme during times of global uncertainties. However, Bitcoin is a hedge against traditional finance (TradFi) mishaps such as bank collapses or de-dollarization.\u00a0<\/p>\n

A Donald Trump Win Seen As Bullish For Digital Assets<\/h2>\n

Kendrick drew attention to the potential impact of the recent Iranian offensive against Israel on the upcoming US presidential election. He said the development has slightly tilted the odds in Trump\u2019s favor against Kamala Harris. This can be verified through data<\/a> on Polymarket, which places Trump\u2019s chance of emerging victorious at 50% compared to Harris\u2019 49%.<\/p>\n

\"election<\/p>\n

Calling it an \u201cinteresting circularity for Bitcoin,\u201d Kendrick explained that while geopolitical tensions might push BTC price lower in the short term, they increase Trump\u2019s odds of winning, subsequently improving the digital asset\u2019s post-election outlook.<\/p>\n

Trump is widely seen as a pro-crypto candidate. Recently, he was spotted<\/a> buying hamburgers in a New York City bar, where he paid using Bitcoin.<\/p>\n

In contrast, Kamala Harris, the Democratic presidential candidate, is viewed<\/a> with some skepticism by the crypto community. The Biden administration has been criticized for its perceived crackdown on the crypto industry, which has driven many crypto businesses to relocate to more crypto-friendly countries like Singapore and the UAE.<\/p>\n

That said, Harris\u2019 recent statements on cryptocurrencies have sparked some optimism. For instance, she promised<\/a> to invest in America\u2019s competitiveness by fostering a more favorable regulatory environment for emerging technologies, including digital assets.<\/p>\n

Similarly, crypto trading firm QCP Capital noted<\/a> that a win for Harris might not be as bearish as some crypto investors might fear. BTC trades at $60,090 at press time, down 5.7% in the past 24 hours.<\/p>\n

\"bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

According to Geoff Kendrick, Standard Chartered\u2019s global head of digital assets research, Bitcoin (BTC) dropping below $60,000 due to escalating geopolitical tensions in the Middle East could offer a prime buying opportunity. Bitcoin Below $60,000, A Buying Opportunity? As tensions between Iran and Israel intensify, risk-on assets like Bitcoin may face a downturn as investors […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-648","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=648"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/648\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}