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When the pandemic first appeared and went viral, Bitcoin experienced a decline, but if we look at the graph, Bitcoin also experienced an increase and even headed towards ATH during the pandemic and lockdown at that time. In my opinion, Bitcoin is able to survive in any conditions, even war.
If anything, I think Bitcoin did fantastically well around the COVID-19 era if we had to draw a comparison of it with the entire global financial situation then. Yes, the fact that it went all up and did an unbelievable ATH of $68k+ in 2021 as against its 2017 ATH is evidence that Bitcoin is a phoenix, rising from such death. From my observation, nothing seems to make Bitcoin remain down once its period for the bull rally is at hand. It's the same thing we face currently, even with the news from Binance of the money laundering charges against its CEO, CZ, nothing seems to have unfazed Bitcoin. Today, price went up again and it's currently at $37,700+, having done around $400 in addition since news broke of his arrest two days ago. Such news is capable of dipping Bitcoin if it were released wrongly or during a bear market.
Well this is very correct. Yes, however, the current market situation also plays an important role in determining price stability. We know how sensitive Bitcoin prices are to major news or events that are currently occurring. If the news is bad there will be a decline in prices, but in bullish conditions sometimes prices show volatility and then rise again. And this is the same as what Bitcoin is currently experiencing, which finally rose to a price of $38K.
Returning to the topic, regarding the Palestine vs Israel war, it certainly provides an opportunity for Bitcoin to rise. Why is that? First, it is clear about the Bitcoin circle itself, Bitcoin has entered a bullish phase and will face a halving, of course there will be some positive sentiment and fomo related to this. . Secondly, Bitcoin as a safe haven asset has a very big influence, because in a situation of uncertainty due to war which directly impacts several parties and countries which are starting to abandon stocks and economic instability are starting to turn to safe haven assets such as gold, silver, oil and even bitcoin.