An analyst pointing to geopolitical wars and macroeconomic issues said Bitcoin could reach 120,000 dollars.
Edouard Hindi, chief investment officer at investment firm Tyr Capital, shared a price forecast of 120,000 dollars for Bitcoin. Referring to geopolitical tensions such as Iran – Israel and the macroeconomic downturn creating a “doomsday scenario, Hindi emphasized that this situation would trigger a rise for Bitcoin.
He noted that Bitcoin has played an important role as a safe haven during periods such as the Covid pandemic and the increasing correlation with gold proves this:
“With the recent increase in correlation with gold and investors continuing to move away from traditional financial assets, Bitcoin continues to be a viable doomsday asset in 2024. The ETF is currently leading this doomsday rally and as global geopolitical tensions continue to worsen and middle classes continue to find ways to preserve their wealth, we should expect to reach 120,000 dollars in the coming months.”
