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"

robot
Abstract generation in progress

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.

Follow our Telegram group, Twitter account, and Youtube channel for exclusive news, analyses, and on-chain data! Also, download our Android and IOS apps to start live price tracking right away!

BTC-1.41%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)