Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
Highlights
- Palestine's militant group Hamas on Monday agreed to a ceasefire proposed by Qatar and Egypt. However, Israel rejected the proposal.
- Bitcoin options traders have call bets for BTC price hitting $80,000 by May-end.
- Altcoin initial rally will be weak until the SEC's decision on spot Ether ETF.
Palestine’s militant group Hamas on Monday said that it accepted a ceasefire proposal with Israel on geopolitical tensions in Gaza. However, Israel’s war cabinet appears to have turned down the proposal, proclaiming it did not meet the nation’s immediate demands.
The proposal was put forward by Qatar and Egypt, via which Hamas and Israel have been negotiating indirectly. Nonetheless, Israel said that it plans to continue exerting pressure on Hamas. However, it would also send delegations to make contact with mediators “to exhaust the possibility of reaching an agreement.”
Experts forecasted a gloomy outlook on economic growth and Bitcoin considering the geopolitical tensions. Middle East tensions are related to extreme volatility due to the focus on oil. Macro factors currently impacting stock and crypto markets will subdue and bring a recovery in markets.
Bitcoin Price Eyes $80,000
Bitcoin options traders have call bets for BTC price hitting $80,000 by May-end. BTC call options of notional value of $195 million has a strike price of $80,000. For this week, traders eye Bitcoin price to hit at least $70,000.
Popular analyst Ali Martinez predicts that despite Bitcoin’s recent surge from $57,000 to $64,000, the MVRV 90-Day Ratio suggests that BTC remains in a “prime buy zone.” He shared an extremely bullish outlook for BTC price hitting $70,000.
BTC price fell 1% in the past 24 hours, with the price currently trading at $63,283. The 24-hour low and high are $62,967 and $65,494, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
Total BTC futures open interest has been very volatile in the last 24 hours. Especially, the SEC’s Wells notice against Robinhood caused a decline in sentiment with wallets moving digital assets out of Robinhood.
Altcoins to Rally?
A rally in altcoins will be delayed as QCP Capital says “ETH is not seeing the same kind of positivity with risk reversals still at -4% likely due to concerns about the SEC not approving the ETH spot ETF deadlines for VanEck and Ark21 on 23 and 24 May.”
XRP price has jumped over $0.55 in response to the SEC’s deadline to file its reply in remedies brief. Pro-XRP lawyers believe the SEC’s argument to seek $2 billion is inappropriate, denying disgorgement and penalties alleged by the SEC.
Meme coins such as Shiba Inu are making a resurgence, with potential meme coin mania to return. Whales have bought the dip and currently looking for another buy-the-dip opportunity. The formation of an inverse head-and-shoulders pattern in the Total Altcoin Market Cap indicates a potential breakout that might push the market cap to $4 trillion, according to analysts.
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