#BTCUptober Israel’s Imminent Strike Against Iran Could Spark Price Decline

Israel’s imminent strike against Iran could cause the Bitcoin price to drop to $57,000. Reports coming out of Israel are that the country plans to respond to the Iranian attack, which occurred on October 1. Israel’s Security Cabinet is said to have met and is planning an attack that could be worse than the one in April, which led to the killing of a top Iranian general in Syria. $BTC

Israel’s plan to attack Iran has also led to concerns that this could result in a full-blown war in the region. Such a development will lead to more fear and uncertainty in the market, sparking a wave of sell-offs and causing prices to decline further. $ETH

The Israel-Iran tension has already affected the crypto market rally, which was meant to begin this ‘Uptober.’ Therefore, a strike from Israel will only worsen things and send the Bitcoin price tumbling, with the broader crypto market also suffering a similar fate.

Long-Term Outlook Is Still Bullish#BTCUptober

BTC’s long-term outlook is still bullish, considering several events could act as tailwinds for the flagship crypto. For instance, on the macro side, the US Federal Reserve could still cut interest rates by another 50 basis points (bps) before the year ends. China is already injecting liquidity into its economy. Global liquidity is surging thanks to these monetary easing policies, which is a positive for the Bitcoin price.

Furthermore, FTX will distribute $6 billion as part of customer repayments. These users will receive their repayments in cash and could again pump this liquidity into BTC and the broader crypto market.

Meanwhile, the US presidential election is 34 days away. The aftermath of the election has historically been bullish for the BTC price since it provides certainty to the market. Irrespective of who wins between Donald Trump and Kamala Harris, the flagship crypto could hit a new high once the election ends.