Bitcoin
March 9, 2026
Amid the ongoing US-Israel-Iran conflict, we have witnessed an oil price surge, with crude oil nearing $120 per barrel, and massive drops in crypto and the stock market.
Bitcoin, which rose to around $74,000 last week, currently hovers around $67,700, wiping out all gains. That’s largely a result of the Iran war impact, and with conflict unlikely to wind up in the coming days, Bitcoin prices could drop further, with some predicting the BTC $60k support while a few have reported $50,000 as the key level.
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How Oil Price Surge and Iran War Impact Shape the Bitcoin Price Forecast
The current Bitcoin price forecast is heavily impacted by the conflict in the Middle East. With the Strait of Hormuz closed, a key shipping route for oil and natural gas, oil prices have been rising each day, with governments worldwide raising concerns.
Over the past five days, crude oil prices have increased by about 57%, reaching nearly $116. But on Monday, they fell back slightly to around $105.
Now, the oil price surge is raising the possibility of increased inflation, which means delayed interest rate cuts, which ultimately puts pressure on high-risk investments like cryptocurrency.
Additionally, in times of geopolitical risk, crypto doesn’t seem like the safest investment. Investors often move to more stable options, like gold and government bonds.
Bitcoin, which was largely considered stable, has experienced significant volatility over the past year, leaving many retail investors wary. And its impact on the Bitcoin price forecast will be evident.
Keep in mind that Bitcoin demand remains steady. According to SoSoValue, Bitcoin ETFs recorded $568.45 million in inflows last week and $787.31 million the week before.
Also Read: BRICS: India Says It Never Needed US ‘Permission’ to Buy Russian Oil
There’s a possibility that Bitcoin may hit the BTC $60k support or drop to $50,000. However, some reports also suggest that Bitcoin may see a surge in demand fueled by the same geopolitical crisis, if Bitcoin emerges as digital gold.
For now, it’s a wait-and-watch situation. The next few days should provide a clearer picture of what’s ahead, both for crude oil and BTC. Until then, investors are advised to remain cautious.
