Bitcoin will show growth amid stock market instability

Bitcoin (BTC) and gold will rise in price amid the conflict between the United States and Iran, said Galaxy Digital CEO Mike Novogratz. ByIn his opinion, a possible political conflict in the Middle East will provoke instability in the stock market, which investors will prefer to wait out in more reliable assets. About this writes RBC Crypto.

“The more I analyze the situation regarding Iran, the more I become confident in the rising cost of gold and Bitcoin ... The situation in the Middle East is becoming unstable, and this will affect the market”, Novogratz wrote on his Twitter account.

The more I analyze this Iranian situation, the more bullish gold and $ btc I become.

- Michael Novogratz (@novogratz) January 5, 2020

The analyst is also confident that the price of Bitcoin will increaseNewsBTC portal Ayash Jindal. He explained that the first cryptocurrency is trading above the support line of $7,500, expressed by the upper boundary of the descending wedge pattern and the Fibonacci retracement level of 23.6%.

Jindal added that the next levelsResistances are at $ 7640 and $ 8000. If the Bitcoin rate can rise above these values, it will continue to grow to $ 8500-8800 in the medium term, the expert said.

He noted that a drop in the value of Bitcoin cannot be ruled out. According to the analyst, the coin will fall in price to $ 7200 if it cannot overcome the indicated resistance levels.

On December 30 last year, Novogratz predicted that the price of Bitcoin would skyrocket by more than 60%. The entrepreneur expects the coin to rise in price to $12,000 during 2020.

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