Bitcoin Price Forecast as BTC Falls Sharply Amid Israel-Iran War Fears and Recession Concerns
Amid escalating Middle Eastern tensions and recession fears, Bitcoin’s price prediction remains uncertain as BTC falls sharply.
The leading cryptocurrency has dropped below $61,940, reaching an intra-day low of $60,700, following a decline from the previous day’s high of over $65,000.
Contributing factors include the Federal Reserve’s delayed rate cuts, geopolitical instability, and reduced odds of a favorable U.S. presidential election outcome for cryptocurrency. These challenges continue to impact Bitcoin’s market performance and outlook.
Bitcoin has dropped 14% over the past five days, falling from $70,135 to $60,465, with $1 billion in liquidations, according to CoinGlass.
This decline is attributed to deteriorating global economic conditions and recession fears, especially after weak job data last Friday.
CRYPTO BREAKING NEWS
Bitcoin Crashes Amid Recession Fears: Should You Buy The Dips?. Bitcoin price suffered a fatal crash of 14% in the past five days, dropping from a high of $70,135 to $60,465. This bearish BTC move could be attributed to the macroeconomic and recession… pic.twitter.com/9puTeZ98eS
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The Sahm Rule Recession Indicator reached 0.53%, exceeding the recession threshold of 0.50%, indicating potential economic downturns.
However, Peter Berezi of BCA Research noted that the Sahm Rule was not technically triggered due to rounding issues.
Meanwhile, the Joshi Rule, another recession indicator, signalled a recession with a reading of 0.23%, surpassing the critical level of 0.20%. Investors are now considering whether to buy the dip in Bitcoin amid these economic uncertainties.
Bitcoin prices are under pressure due to the Federal Reserve delaying rate cuts and increased
