Geoff Kendrick, chief analyst of the British bank Standard Chartered, stated that risks from the Middle East could push the Bitcoin price even lower.

“There may be a buying opportunity”

In the bank’s report on the subject this week, it was also noted that Trump’s increased chances in the US elections could create a buying opportunity for investors:

“Bitcoin may fall below $60,000 at the end of the week due to risks associated with events in the Middle East. The increase in $ 80,000 call option contracts expiring on December 27, combined with the increase in Trump’s probability of winning in recent days, could turn the possible decline into a buying opportunity.”

As it is known, Trump’s meeting with the executives of cryptocurrency and Bitcoin companies and promising support to the industry increases the possibility of a serious rise in cryptocurrencies if he wins the election.

“Bitcoin is protection for financial events”

Kendrick also touched on a situation that has been a subject of debate for years and said that Bitcoin does not currently provide a protection, a ‘hedge’ in geopolitical events:

“It is gold that provides protection in geopolitical events. Bitcoin, on the other hand, acts as a ‘hedge’ in events such as banking crises, problems with Treasury bonds or a decrease in dollarisation.”