Historical data indicates that Bitcoin's price tends to rise significantly following sharp increases in oil prices, with historical rallies between 16% and 24%. Despite being perceived as a risk-on asset during geopolitical tensions, Bitcoin often dips before rebounding after oil price surges. For instance, correlations were noted where oil spikes led to temporary declines in Bitcoin, which were soon followed by substantial recoveries. In notable instances, after oil prices rose significantly, Bitcoin initially dropped but later rallied, suggesting potential gains for traders who capitalize on these price movements. Currently, with oil prices hitting five-month highs, Bitcoin's trading level around $102,800 could offer a prime buying opportunity, possibly leading to a target price around $119,200 by June 21.

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