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Bitcoin drops to $90K after Biden's Ukraine missile move

Bitcoin drops to $90K after Biden's Ukraine missile move

GrafaGrafa2024/11/18 20:00
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) experienced a decline following President Biden’s decision to authorise long-range missile usage in Ukraine.

While previous expectations under former President Trump included potential relief in geopolitical tensions, Biden’s actions are viewed as intensifying current issues with Moscow.

BTC, which had surged significantly from its November 2022 low of $15,500, is now trading around $90,000.

This reflects a substantial recovery over the last two years, but many investors missed the opportunity to benefit from this rise, having sold at a loss earlier.

Young Ju, CEO of CryptoQuant, expressed his views on the current market climate.

“We are in a bull market. Bitcoin will rise. I apologise for my incorrect prediction regarding a short-term correction. I did not imply a bear market, just a correction,” Ju noted.

He indicated that current capital flow into Bitcoin projects a potential upper limit of $135,000 by 2025.

Considering slowing growth from cycle to cycle, this peak seems feasible for the next market phase.

Other market experts have also shared insights on various cryptocurrencies.

Carl pointed out that DOGE (CRYPTO:DOGE) might break from its descending wedge pattern, suggesting that if it closes daily above $0.367, it could target a range between $0.44 and $0.7.

SilverBulletBTC analysed TON Coin and DOGS, indicating that DOGS has broken its downtrend and may target $0.00085.

Daan Crypto Trades highlighted SOL Coin, noting that it has surpassed a key weekly resistance level and is nearing its 2021 all-time high.

“SOL has surpassed a significant weekly resistance level and is approaching its all-time high from 2021,” he said, predicting potential new highs above $256-$260.

At the time of reporting, the Bitcoin (BTC) price was $91,323.04.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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