Oil Price Falls Below $80 After Nearly 4 Months, Bitcoin to $70,000 Next?

West Texas Intermediate (WTI) crude fell below $80 a barrel on Tuesday, its first drop below that level in nearly 4 months, as hopes for a US-Iran framework deal eased concerns about global oil supply.

The slide in energy prices is reshaping risk appetite across markets. Bitcoin (BTC) held near $66,650, while one major bank argues that lower oil prices strengthen the case for a fresh crypto uptrend.

Iran Deal Hopes Pull Oil Off Its Highs

WTI traded around $78 on Tuesday, down more than 4% on the day. The benchmark had spiked above $100 earlier in 2026 during the height of the Iran conflict. Bitcoin fell under $100,000 during that same standoff, when Iran threatened to close the Strait.

Traders are now pricing in a possible Strait of Hormuz reopening, the chokepoint that handles about 20% of global petroleum consumption, according to the EIA.

A framework agreement could let Iranian exports resume and ease the supply crunch.

Lower energy costs also reduce inflation pressure. That gives the Federal Reserve more room to cut, a backdrop that fuels Fed rate cut bets and tends to favor risk assets like crypto.

Standard Chartered Sees Confirmation in Falling Oil

Geoffrey Kendrick, Standard Chartered’s head of digital assets research and a BeInCrypto Experts Council member, said the three signals he wanted to see before turning more bullish have now appeared.

He had flagged them after a recent Bitcoin price analysis tied to the conflict.

“All three confirmatory signals I had mentioned below as wanting to see have worked…” Geoffrey Kendrick, stated.

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Kendrick pointed to three developments:

• MicroStrategy, the largest corporate holder of Bitcoin, bought 1,587 BTC for about $100 million last week.
• US spot ETFs then drew $85.85 million on Friday, their strongest day in a month, even as the funds still closed the week with net redemptions.
• Oil kept breaking lower.

According to Kendrick, Bitcoin’s price breaking above the $83,000 region from early May will be the next critical confirmation.

He has set a year-end target of $100,000.

Bitcoin still trades well below its October record near $126,000, and its recent price action has drawn talk of lower highs.

A move above the early May peak around $83,000 would mark the next test for the rotation thesis.

“There has been a lot of chat about BTC making lower highs. So breaking above the USD83k region from early May will be the next critical confirmation needed,” Kendrick added.

That rotation holding depends on the US-Iran peace deal reaching a clean signing.