Bitcoin Looks to Be Starting Its Bull Run

The cryptocurrency market is very uncertain right now due to high tensions in the Middle East. At the moment, Bitcoin (BTC) is bullish, rising rapidly after an equally fast descent.

Bitcoin is at a critical level, just passing $61K with a price of $61,305 (BTC/USD). Investor sentiment is still positive towards the coin, which might not have been the case had it dipped below $60K. Bitcoin came dangerously close to doing that, though, as it fell to $60,124 at one point on Thursday, but it has since begun to recover.

Now, the token has increased by 1.06% in the last 24 hours, and our expectation is that it will continue to climb. Yes, Middle East attacks are still going on and could escalate further. Iran has sent a missile attack on Israel in retaliation for the assassination of a Hezbollah leader, and Israel has vowed to respond. There is no end in sight for these ongoing attacks.

However, Bitcoin has corrected and is gaining regardless.

What to Watch for

Further geopolitical problems could force Bitcoin lower, and if it breaks below $60K, then investors could quickly withdraw their support from the token and sell off much of their investments. Over the short term, Bitcoin has a lot of pressure on it that could drive it lower. The current bull trend may be short lived, especially if Middle East attacks continue and US economic data is not mostly positive.

Over the long term, Bitcoin has incredible potential, with some analysts placing its 2025 price point potential at $250,000. For perspective, Bitcoin has only ever reached a maximum price of $73,750, which occurred earlier this year. That fact shows that Bitcoin is moving higher in the long term, and coupled with data over the last few years, we can see that Bitcoin is moving higher year over year.

However, the kind of exponential growth that some analysts expect from this coin may be unrealistic. Further interest rate cuts could help push the coin higher, and if the economy continues to improve, then we could see Bitcoin gain momentum from that as well, but negative factors should not be discounted. Many of them, such as the Middle East tensions, could work as a counterweight against the positive factors to keep Bitcoin mostly within the same range it has been for much of this year.