The price of Bitcoin has exceeded $ 8,400 as tensions between the US and Iran have increased.
After the US killed an Iranian general last week, the Iranian army reacted yesterday. Iranian troops attacked two Iraqi military bases with missiles.
The international conflict has a positive effect on the price of Bitcoin, causing the price to increase by almost $ 500 in 24 hours.
The Fear & Greed Bitcoin index shows that market conditions are improving at the beginning of the year, according to alternatives.me. After more than a month of fluctuations in a small range, the BTC price seems to be preparing for a short-term growth period.
Some analysts have justified the positive evolution of prices with increased tensions between the US and Iran. But Peter Brandt is of the opinion that geopolitics was not a factor in the investors’ decision to accumulate crypto. The technical analyzes published by him on Twitter shows that it is a coincidence and that the BTC was preparing for an increase anyway.
Bitcoin Accumulation Phases
Brandt claims that some of the biggest phases of Bitcoin accumulation were fueled by smart investors and so-called whales that buy BTCs at lower prices.
Also, many traders are expecting a price increase in view of the May 2020 block reward half event.
Analysts claim that the next resistance threshold for Bitcoin is $ 8,500. If this is exceeded, it can pave the way for a period of significant growth.
Currently, the BTC price is around $ 8,325, and the total market valuation is approaching $ 220 billion.
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