It is highly likely that the BTC price will breach the $60k level in the coming weeks or months. Why?
The crude oil price is around $103 now and is projected to rise to $150-$200 level in the coming months if the Iran war continues. Thus, there is a potential spike of 50-100% in the oil price in the foreseeable future.
Consequently, the crude oil spikes will cause electricity costs to spike and crypto mining is an energy intensive industry. The spike in electricity cost will force many crypto miners to sell their crypto holdings to fund their operations or shut down their mining operations to cut their losses.
This Iran war is really bad for the crypto industry!
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