August 4, 2021

Mike Novogratz: gold and bitcoin will continue to grow amid the US-Iran conflict

Galaxy Digital founder and CEO Mike Novogratz suggests Bitcoin price will continue to go up amid growing geopolitical tensions.

According to him, the conflict in the Middle East will also increase the demand for gold, which is considered to be a protective asset.

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“The more I analyze the Iranian situation, the more I become confident in the growth of gold and bitcoin”

January 3, 2020 by order of Donald trump wasU.S. Air Force strike at Baghdad airport. During the airstrike, General Kassem Suleimani, the head of the Al-Quds special forces and the Islamic Revolutionary Guard Corps, was killed. According to many experts, this incident takes the conflict between the US and Iran to a new level and promises a new round of geopolitical instability.

Unexpected turn of events in the Middle Eastled to an instant jump in oil prices by 3% and a drop in futures for US indices by 0.7-0.9%. Gold and the Japanese yen rose on the same day by 1% and 0.5%, respectively.

In addition, digital gold has shown positive momentum, rising nearly $ 400 in less than a day.

Mike Novogratz: gold and bitcoin will continue to grow amid the US-Iran conflict

Bitcoin price dynamics amid conflict in the Middle East. TradingView Bitstamp BTC / USD hourly chart

NewsBTC analyst Ayash Jindal notes that the firstcryptocurrency is still steadily holding at $ 7500. However, to continue strong growth, bitcoin will have to go through serious obstacles in the range of $ 7,640- $ 8,000, including the upper border of the bullish “Descending Wedge” pattern on the daily chart:

Mike Novogratz: gold and bitcoin will continue to grow amid the US-Iran conflict

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Jindal added that if the bulls fail to pass the above resistance range, BTC could fall in price to $ 7200.

Recall, recently Mike Novogratz predicted bitcoin above $ 12,000 in 2020.