Bitcoin (CRYPTO: BTC) fell on Donald Trump’s Iran ceasefire comments Wednesday, but analyst Benjamin Cowen argues the four-year cycle points to a counter-trend rally through July before a final drop later this year.
Trump’s Iran Comment Hit Bitcoin Mid-Recovery
Bitcoin was up 6% month-to-date and had just broken an eight-week ETF outflow streak with three consecutive days of inflows totaling $487 million before Wednesday’s headlines.
Trump declared the Iran ceasefire “over” at a NATO summit after US Central Command struck more than 60 Iranian Revolutionary Guard boats, with Iran retaliating against Kuwait and Bahrain.
The three-day inflow streak, was the first since May 4-6 and had broken an outflow run that drained more than $8.6 billion from US spot Bitcoin ETFs over eight weeks.
