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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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South Korean Analyst Andrew Kang, Is He Expecting a Plummet in Bitcoin After Recent Events? "There Won't Be a Correction at Least This Far"
Andrew Kang, partner at Mechanism Capital, said on social media that it is difficult for Bitcoin to experience a correction of more than 30% in the short term.
Kang stated, "The measures taken by Trump during the trade wars were an absolute bottom for Bitcoin." Claiming that the current market conditions support the upward fluctuations of Bitcoin, Kang argued that the likelihood of a deep correction before the largest cryptocurrency reaches at least $140,000 to $160,000 is low.
On the other hand, the threat of war between Israel and Iran has caused investors to move away from cryptocurrencies. The perception of cryptocurrencies as volatile and risky assets during periods of uncertainty has triggered investors to seek safer havens. The increasing tension between the two countries has also raised concerns that Iran may close the Strait of Hormuz in retaliation. According to the U.S. Energy Information Administration, 20% of the world's oil transportation occurs through this strait.
Iran's religious leader Ayatollah Ali Khamenei, in a message posted on X, promised that he would retaliate against Israel, writing that the country "must be prepared for a harsh punishment."
*This is not investment advice.
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