Bitcoin Price Prediction: BTC Nears $66,000 Pivot as Iran-Israel Tensions Escalate

Arslan Butt

Last updated:

| 3 min read

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin price prediction analyses see BTC trading at $64,950, up by nearly 2.50% amidst ongoing Middle East tensions. The volatile environment influences Bitcoin‘s market behavior, testing crucial support levels.

Gold Rises Amid Middle East Tensions, Asian Markets and Bitcoin Decline

The recent attack by Iran on Israel heightened fears of an escalating Middle East conflict, negatively impacting global risk sentiment.

This uncertainty led to a decline in Asian stock markets while pushing gold prices higher as investors sought safer investment options.

Meanwhile, the U.S. dollar strengthened against the yen, reflecting its status as a safe-haven currency amidst geopolitical tensions.

Asia stocks slide, gold rises as Middle East conflict sparks safety rush

— CNA (@ChannelNewsAsia) April 15, 2024

Bitcoin, however, experienced a drop of over 2%, trading at $64,951, as market expectations shifted regarding Federal Reserve rate hikes. The ongoing conflict could increase market volatility, influencing further fluctuations in Bitcoin prices.

  • Gold prices increase; Asian markets fall
  • Bitcoin drops amid shifting rate hike expectations

IRS Warns of Rising Cryptocurrency Tax Evasion Ahead of Tax Deadline

As the tax filing deadline approaches, the IRS is bracing for an increase in cryptocurrency tax evasion cases. Guy Ficco, head of IRS criminal investigations, expects more charges related to crypto-related tax fraud under Title 26.

Traditionally associated with financial crimes, cryptocurrencies are now frequently involved in “pure crypto tax crimes,” such as concealing identities and not reporting income from crypto transactions.

IRS investigation chief expects uptick in crypto tax evasion this year

IRS criminal investigation chief Guy Ficco said his agency has become more aggressive and capable of dealing with crypto-related tax crimes amid tax reporting season.


— Coinyex (@Coinyex_com) April 15, 2024

Ficco stresses the importance of accurately reporting cryptocurrency dealings to avoid legal issues. In response, the IRS has intensified efforts with entities like Chainalysis and other law enforcement agencies.

Recent legal actions, like the prosecution of Frank Richard Ahlgren III for falsifying tax returns on Bitcoin gains, highlight the increased scrutiny.

  • IRS ramps up efforts against crypto tax evasion
  • Importance of accurate crypto transaction reporting emphasized

Bitcoin Dominates: Outperforms Most Top 50 Cryptocurrencies in 2024

In 2024, Bitcoin has surged by 54%, outshining nearly all other top 50 cryptocurrencies by market value, except for six. Shiba Inu and Dogecoin have shown remarkable growth, with increases up to 77%.

Bitcoin’s market dominance reached a three-year high of 56.5%, driven largely by institutional investments into U.S.-traded Bitcoin ETFs. Despite the geopolitical tensions in the Middle East, Bitcoin’s performance overshadowed the struggles faced by smaller altcoins.

Only 6 altcoins in the top 50 have outperformed Bitcoin this year

— John Morgan (@johnmorganFL) April 15, 2024

Analysts predict that if Bitcoin maintains a price above $60,000, it could potentially escalate to $80,000. This trend underscores Bitcoin’s continued influence and potential stability, which may shape investor confidence and strategies across the broader cryptocurrency market.

  • Bitcoin’s 54% rise outpaces most top 50 cryptos
  • Institutional inflows boost Bitcoin’s dominance
  • Potential rise to $80,000 if above $60,000

Bitcoin Price Prediction

Bitcoin (BTC/USD) has recently breached a descending triangle pattern that previously provided support around the $68,000 level.

This break suggests a potential continuation of the bearish trend. Today, the key pivot point is set at $66,117, which if surpassed, could indicate a shift toward bullish momentum.

Immediate resistance levels are established at $68,729, $71,532, and $73,698. Conversely, support is found at $61,699, with additional support at $58,829 and $55,754.

Bitcoin Price Prediction
Bitcoin Price Prediction

The Relative Strength Index (RSI) is at 40, reinforcing the bearish sentiment, while the 50-day Exponential Moving Average (EMA) at $68,682 serves as further resistance.

In conclusion, Bitcoin remains bearish below $66,117. A sustained move above this level could potentially reverse the current downtrend.

Top 15 Cryptocurrencies to Watch in 2024

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2024. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

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