The ongoing conflict in the Middle East has had a significant impact on the broader cryptocurrency market, particularly on the price of Bitcoin (BTC). Over the past 24 hours, the price of BTC has dropped by more than 3 percent, trading at around $105k on Friday, June 13, 2025, during the mid-North American trading session.
This drop in BTC price has also affected the wider altcoin market, resulting in over $1.1 billion being wiped out from crypto leveraged markets in the last day. This has left crypto traders with mixed feelings, with some remaining optimistic while others are waiting for a clearer signal to re-enter the market.
Bitwise CIO Matt Hougan Makes a Bold Prediction About Bitcoin
The cryptocurrency market has been seeing a surge in stablecoins this summer, thanks to favorable regulations from major jurisdictions, especially the United States. With the exponential growth of the global money supply (M2), more institutional investors are entering the stablecoins market, significantly boosting crypto liquidity.
In light of the recent drop in Bitcoin and altcoin prices, Matt Hougan, the CIO at Bitwise, believes that there will be an accumulation phase in the coming weeks before a potential parabolic rally by the end of the year.
“I think this is the ‘Summer of Accumulation’, a moment for long-term investors to build positions ahead of an epic EOY run,” Hougan noted.
Analysis of BTC Price Trends
After a strong rally in the past two months following the resolution of trade wars, the price of BTC faced resistance around $112k. The flagship cryptocurrency failed to break above this level and has retraced to a key buying zone around $105k.
In the four-hour timeframe, the Relative Strength Index (RSI) and MACD line of Bitcoin suggest a potential reversal. The RSI has been hovering around oversold levels, while the MACD histogram indicates a decrease in selling pressure.
