Bitcoin Could Surge to $120K on ‘Doomsday Rally,’ Trader Says

Bitcoin’s recent drop in value has not deterred some traders who believe the cryptocurrency could experience a surge in the coming months, potentially reaching $120,000. Despite its high correlation with traditional market assets, many investors view bitcoin as a reliable hedge and investment option. The current geopolitical landscape and the search for financial security could further fuel this potential rally. Edouard Hindi, the chief investment officer at Tyr Capital, believes that bitcoin remains a viable doomsday asset as its correlation with gold has recently increased. He predicts that global geopolitics will continue to deteriorate, leading to a surge in bitcoin’s price as middle-class investors seek ways to protect their wealth. However, tensions in the Middle East and profit-taking before the bitcoin reward halving have negatively impacted the crypto markets. Nonetheless, some market observers believe that bitcoin’s short-term price action will dictate the overall direction of the broader crypto market in the coming weeks.