Bitcoin Dips to Weekly Low Amid Oil Supply Concerns, Analyst Forecasts $10K Target

Bitcoin (BTC) dropped to a week-to-date low amid growing concerns over oil supply disruptions, dragging down both crypto and US stock markets. On Thursday’s Wall Street open, BTC/USD fell below $66,000, according to TradingView data, as traders factored in heightened geopolitical risks. The move followed a volatile session marked by a surge in West Texas Intermediate (WTI) crude to $114 per barrel, reflecting uncertainty over the Strait of Hormuz’s return to normal operations. The decline in Bitcoin’s price has drawn renewed attention to long-term downside risks. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, highlighted the potential for BTC to revisit the $10,000 level, a price point significant for the cryptocurrency’s futures market debut nearly a decade ago. 'Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting,' McGlone noted in a recent analysis shared on X. CoinGlass data revealed over $400 million in crypto liquidations within 24 hours, underscoring the market’s fragility. The broader financial markets also felt the strain. The Nasdaq Composite Index fell by more than 2% at the session’s open, with equities and crypto assets moving in tandem. Analysts linked the sell-off to fears of prolonged inflationary pressures, with one trading resource estimating US inflation could reach 3.6% if oil prices remain elevated for two months. Prediction platform Kalshi showed declining odds of oil traffic returning to normal levels this year, amplifying investor caution. The market turbulence followed a speech by US President Donald Trump, which failed to provide clarity on de-escalation efforts in the Iran region. Adam Kobeissi, founder of The Kobeissi Letter, described the address as 'the most puzzling part of the Iran War yet,' noting the contrast between Iran’s recent diplomatic overtures and Trump’s perceived escalation. The mixed signals have left investors navigating a landscape of heightened geopolitical and economic uncertainty.