Crypto: Breaking Will Bitcoin Crash If Oil Prices Hit $100 Per Barrel?

Oil prices are rising amid the US-Iran conflict, but whether Bitcoin will suffer is up for debate, as history suggests a bullish BTC price outlook.

Bitcoin (BTC) initially dropped before paring all losses, leaving market participants wondering what higher oil prices would mean for BTC price going forward.

Escalating Middle East conflict pushes oil to $79, putting Bitcoin at risk of a drop to $60,000 due to inflation shocks and delayed Fed rate cuts.

BTC drops against oil price spikes in the short term, but outperforms in the medium to long term.

Data from TradingView showed oil rose to a 15-month high of $79.84 during the early Asian trading hours on Monday, amid news of Iranian drones hitting Saudi Aramco's Ras Tanura refinery.

Both the S&P 500 and Nasdaq Composite Index were down around 1% on the day at the time of writing.

Polymarket bettors are pricing in about 56% odds of crude trading above $90 per barrel in March and a 44% chance of it crossing $100.

56% chance Crude Oil hits $90 in March. https://t.co/tSrdJI2gOt

Reacting, commentators predict Bitcoin's short-term vulnerability if oil reaches $100, with inflation delaying rate cuts and triggering sell-offs below $60,000.

“Crude oil will go sharply higher, Gold sharply higher. Bitcoin and crypto will go lower,” crypto entrepreneur Anthony Pompliano wrote in part of an initial response on X.

Source: CoinTelegraph