What is Expected This Weekend for Bitcoin and Altcoins After the Iran-Israel Conflict?

Following Israel's air strikes on nuclear facilities in Iran, as the search for safe havens increases in global markets, the cryptocurrency market also experienced significant surges.

Especially altcoins such as Solana (SOL) and Cardano (ADA), which have lower liquidity compared to Bitcoin, were among the assets that lost the most value during this process.

The largest asset in the cryptocurrency market, Bitcoin (BTC), is currently trading sideways at a level of $105,600, despite a drop of up to 3% at the time of writing.

Caroline Mauron, co-founder of Orbit Markets, stated, "The crypto market is reacting negatively to news of Israel's attacks on Iran in line with other risky assets. Technically, support is expected at the $101,000 level, but in the short term, price movements will be determined by geopolitical developments."

Following the developments, investors turned to safe havens like government bonds, while stocks fell, oil prices rose by more than 9%, and gold gained value.

Sean McNulty, head of derivatives products at FalconX Ltd. for the Asia-Pacific region, stated, "Although Bitcoin sometimes trades as a macroeconomic hedge, during high-risk moments such as military conflicts, investors prioritize liquidity over narrative. Positions are closed to generate cash, the focus shifts to the dollar, and leverage in volatile assets is reduced."

IG analyst Tony Sycamore noted that there is a possibility of a "further deterioration in risk appetite" as the weekend approaches.

*It is not an investment advice.

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