Bitcoin (BTC) is facing a potential drop to $54,000 or below due to new geopolitical tensions.

BTC/USD has lost more than 5% in 24 hours and is now targeting below $60,000.

The events in the Middle East have had a significant impact on the crypto market. According to data from Cointelegraph Markets Pro and TradingView, the total crypto market cap has fallen by 7.2% in the last two days.

Some analysts are predicting that BTC will return to the $55-57k levels, while others are expecting a drop to $54,000.

QCP Capital noted that crypto has been hit harder than oil and stocks, while Michaël van de Poppe remains optimistic about the long term.