Geopolitical risks related to ongoing conflict in the Middle East are likely to impact Bitcoin (BTC), pushing prices below $60,000 before the weekend. However, investment bank Standard Chartered recommends considering the dip as an opportunity.

Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, emphasized that “gold is a geopolitical hedge,” while Bitcoin is a hedge against traditional financial problems, such as banking collapse or issues related to de-dollarization and the US Treasury.

The bank also noted that geopolitical concerns have negatively impacted Bitcoin prices, but at the same time, the possibility of Donald Trump winning the US election in November has increased, which could improve Bitcoin's outlook after the election.

The report also points out that activity in the options market also supports this view, with OI (open interest)* for Bitcoin contracts expiring in December surging, reaching 80,000 in recent days.

Bitget Research also shares this positive view. Ryan Lee, principal analyst at Bitget Research, said:

“Despite the general downturn, institutional investors continue to buy BTC at a rate equal to or higher than the amount of Bitcoin mined daily.”

At the time of writing, Bitcoin is trading at around $60,500, down 0.7% on the day.

Source: TradingView

*OI (open interest) is a measure of the total value of all outstanding or “unsettled” futures contracts on exchanges, and is also an indicator of market price momentum as well as trader sentiment around a particular asset.

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