Market Analyst Nick Bokrin: Closing the Strait of Hormuz by Iran will lead to a collapse of crypto and a drop in Bitcoin

The price of Bitcoin remains resilient, despite military strikes between Israel and Iran, but there are expectations of a collapse of high-risk assets and a further decline in Bitcoin's price, in the event of increased geopolitical turmoil and Iran closing the Strait of Hormuz - a vital route for oil shipments.

Bokrin stated in a tweet on his X account that Bitcoin's short-term price movement depends on how things develop today and over the weekend in the Israeli-Iranian conflict.

Bokrin added: "The biggest risk lies in Iran closing the Strait of Hormuz, which carries nearly 20% of the world's oil supplies; if they do so, oil will see a sharp rise, and high-risk assets will collapse sharply, and if this happens over the weekend, the cryptocurrency market will be affected again and Bitcoin's price will drop."

However, Bokrin confirmed that long-term Bitcoin price forecasts are less affected by geopolitical factors and more related to the declining value of the US dollar,

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