As tensions between Israel and Iran escalate, the Bitcoin (BTC) price has stumbled around the crucial $60,000 mark. With just a few hours remaining before the highly anticipated halving event, any further escalation in geopolitical tensions could trigger selling pressure, according to prominent crypto trader Zia ul Haque. 

Giants like JPMorgan also caution against a potential downward trend, adding uncertainty among investors.

Geopolitical Tensions Between Iran & Israel

Recent reports of alleged Israeli missile strikes on Iran have intensified geopolitical tensions in the region. Eventually, blasts were heard in the central province of Isfahan, although it is not clear what was targeted.

Further, the speculation about explosions in Iran, Iraq, and Syria has prompted investors to flock to traditional safe-haven assets such as bonds, gold, and the US dollar. In contrast, riskier investments like stocks and cryptocurrencies, including Bitcoin, have faced selling pressure.

Bitcoin’s Volatility Ahead of Halving

Despite the looming Bitcoin halving event, which historically has been associated with price rallies, BTC has experienced significant volatility in the lead-up. After briefly dipping below $60,000, Bitcoin’s price quickly rebounded to $62,202. However, concerns about the geopolitical situation have overshadowed optimism surrounding the halving.

Historically, halving events have often led to price surges, but concerns arise this time as Bitcoin reached a record high in mid-March before the event, leading to speculation about whether traders have already priced in the anticipated impact.

JPMorgan’s Perspective

While some investors anticipate a bullish trajectory for Bitcoin post-halving, banking giant JPMorgan suggests otherwise. The institution believes that the market has already priced in the halving event and warns of a potential downward trend in Bitcoin’s price. 

Moreover, JPMorgan highlights the potential impact on Bitcoin mining companies, expecting a significant drop in hashrate as unprofitable miners exit the network, leading to consolidation among major mining players.

Bitcoin Breach Lead to $55k

Earlier Coindpedia News reported that Crypto trader Zia ul Haque observed that Bitcoin bulls are currently striving to uphold the critical support level of $60,000. Meanwhile, a breach of this level could trigger a downward movement, potentially leading to a dip to $55,000. 

As Bitcoin traders brace for the halving event, the interplay between geopolitical tensions and market sentiment remains a key factor to watch.

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