Bitcoin and Altcoins Rally Toward Range Highs Despite War Concerns

War in the Middle East failed to sink Bitcoin (BTC) below the $63,000 level, and buyers appear to be attempting to keep the price above $69,000. A quick recovery is unlikely, and macroeconomic newsletter Ecoinometrics advised patience rather than urgency. Data shared by Bitwise Europe head of research André Dragosch shows that when investors buy and hold BTC for at least three years, the probability of loss drops to 0.70%.

Although BTC is down about 50% from its all-time high, its three-to-five year realized price of $34,780 indicates investors who held during that period are sitting on large profits. Traders are asking when to buy, with BitMEX co-founder Arthur Hayes noting that every military action by US presidents in the Middle East since 1985 has coincided with monetary expansion by the Federal Reserve; if the conflict stretches, the likelihood of a similar response rises.

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