The price of Bitcoin has dropped to $66,000. It seems we are still not out of danger regarding the risk of war between Israel and Iran. During the COVID-19 era and amid such threats of war, Bitcoin’s price tends to trend downward, indicating that few people see it as a safe asset. While Bitcoin typically doesn’t react significantly to minor news, it tends to respond more dramatically to major issues.
Looking ahead, Bitcoin’s price trajectory still appears to be on an upward trend. A decline is sometimes necessary before an ascent, and unless actual war breaks out, it seems likely that Bitcoin could recover and rise higher. If the rise is gradual, a steady and safe ascent is possible.
However, if the weekly charts turn negative, indicating a risky situation, it might be wise to sell your Bitcoin after a rebound and wait out the volatile period. It’s crucial to closely monitor when the weekly trends break.
When considering the likelihood of Bitcoin’s price rising versus falling, the odds still favor an uptrend at about 60:40. Therefore, maintaining your position is important. While the general public might perceive a greater risk of a decline, it’s advisable not to jump to conclusions. Instead, set a clear stop-loss level and patiently wait for an upward movement.