Bitcoin's price has been a hot topic among analysts, especially with the halving event approaching. The cryptocurrency's price surged past $65,000 as the market reacted to the easing geopolitical tensions between Israel and Iran.

The crypto industry had been struggling due to escalating tensions in the Middle East. However, the market bounced back by more than 4% as Iran and Israel took a measured response to the situation.

During the early hours of Asian trading, Bitcoin briefly dipped below $60,000 but quickly recovered as Iranian authorities downplayed the severity of the attack. As of now, Bitcoin has surged by 5% to approximately $64,450.

Market analysts attribute the market's resilience to Israel's cautious response and Iran's attempts to de-escalate tensions. Both nations are reluctant to engage in a full-scale conflict, easing concerns of a Gulf War resurgence.

Bitcoin analyst Tuur Demeester noted a nearly 4% increase in oil prices for the day. He believes that military instability typically drives demand for secure, scarce assets with minimal counterparty risk, such as bitcoin, commodities, and gold.

Market analyst Mortensen Bach added that the current liquidity cycle will take risk assets much higher. He sees no signs of a cycle top, and the Israel/Iran events overnight did not mark the end of this cycle.

However, Bitcoin's immediate drop following the initial news of Iran's attack and again as Israel responded suggests that Bitcoin may be rebounding due to a potential end to the short-term duel between the nations.

Meanwhile, Bitcoin's halving event is just around the corner, scheduled for April 20, with fewer than 100 blocks remaining before the event takes effect. Analysts at NYDIG predict promising outcomes for long-term investors in this cycle.

However, some have argued that the halving event could be a "sell the news event" in the short term.