Bitcoin's price could experience a sharp correction if Iran closes the Strait of Hormuz, a vital waterway for global oil shipments, according to Nic Puckrin, founder of Coin Bureau. This narrow route supplies approximately 20% of the world's oil, and its closure would likely cause a significant spike in oil prices, leading to a decline in risk assets, including Bitcoin. Puckrin stated that the future price action of Bitcoin is contingent on developments over the weekend, cautioning that if the Strait is closed, cryptocurrency markets may react negatively due to their 24/7 trading nature. Conversely, Puckrin noted that Bitcoin's long-term outlook remains positive, primarily driven by the decreasing value of the US dollar, which recently hit a three-year low. Additionally, long-term holders continue to accumulate Bitcoin despite geopolitical tensions, with accumulation addresses recording substantial inflows. This trend signifies sustained interest in Bitcoin as a long-term investment amidst uncertainties in the macroeconomic environment.

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