While the uncertainties caused by the Kovid-19 virus have been partially left behind, the uncertainty that started in the economic markets with the invasion of Ukraine by Russia with an expansionist attitude this time has not been resolved yet. Due to the embargoes imposed on Russia, oil prices have climbed to historical levels. Gold prices, on the other hand, have remained relatively flat since the beginning of the crisis, in defiance of the outcome of the peace agreements. Crypto markets, including Bitcoin, are literally in a back and forth situation. cryptocoin.com In this article, we will include the opinions of Islam Memiş, a money market expert, on the course of gold and Bitcoin in the light of recent developments.
Gold and geopolitical uncertainties
Not only in crypto markets, but in all economic markets in general, eyes are on the peace negotiations between Russia and Ukraine. As of today, there have been slight decreases in the prices of the dollar and below, while there are slight upward movements in the stock market, Euro and cryptocurrencies. The handicap for gold is that it’s linked to progress in the Ukraine-Russia peace talks. However, the information and comments from Russia and Ukraine indicate that the parties are not ready to take a step back anytime soon. While Russia’s occupation of Ukraine continues, the traffic of talks between Russia and Ukraine and the interest rate decisions of the FED remain the most important determining factors for all economic markets.
Commenting on the markets under the conjuncture we have summarized above, the famous money market expert İslam Memiş believes that gold and the dollar should technically correct. The analyst, who claims that the patient investors can buy at a cheaper cost, thinks that levels above 900 TL under a gram are a high cost. According to the expert, $1900 for an ounce of gold of the same level. The expert says that depending on the outcome of the peace talks, there may be gradual decreases in gold: 920 TL is the support point for gold, this level is $ 1,960 under an ounce.
Predictions for Bitcoin
Memiş says that the interest rate decisions of the FED and the CBRT are as important as geopolitical factors in shaping the levels of gold and the dollar. According to Memiş, the CBRT may pass on the interest rate in March. Contrary to the general approach of the political power, Memiş makes an interesting claim by saying that the CBRT may decide to increase interest rates in the post-March period due to inflation-related risks. According to the expert, who stated that the US central bank FED’s interest rate decision is already priced in the crypto markets, he is talking about a Bitcoin rally that will reach the $ 50 levels. He says that the FED2 can make four increases of 25 basis points and that these increases will not create a shock wave in the crypto markets.
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