An analyst pointing to geopolitical wars and macroeconomic issues said Bitcoin could reach $120,000.
Edouard Hindi, Chief Investment Officer of the investment firm Tyr Capital, shared a price estimate of $120,000 for Bitcoin. Referring to geopolitical tensions such as Iran–Israel and macroeconomic downturn, Hindi said it would create an “apocalypse scenario” and emphasized that this situation would trigger the rise of Bitcoin.
He noted that Bitcoin has played a significant role as a safe haven in times such as the Covid pandemic, and that the increased correlation with gold proves this:
“Due to the increased correlation with gold and investors continuing to move away from traditional financial assets, Bitcoin continues to be a valid doomsday asset through 2024. The ETF is currently leading this doomsday rally, and as global geopolitical tensions worsen and the middle class continues to find ways to preserve their wealth, we should expect to reach $120,000 in the coming months.”
