Low Bitcoin Volatility: What Will Happen Next?

JAKARTA - Bitcoin has been seen stagnant since mid-August after false hopes regarding the approval of a Bitcoin spot ETF in the United States. The postponement of this ETF is the main cause of Bitcoin stagnation.

According to Tokocrypto trader, Fyqieh Fachrur, there are two main narratives that have an effect on this ETF approval decision. First, approval could occur at the end of 2023, and secondly, in early 2024 ahead of the Bitcoin halving period.

Dia juga menyoroti bahwa reli sebelumnya yang terjadi setelah keputusan Grayscale tidak harus dianggap sebagai tanda bahwa Bitcoin sedang memasuki fase pertumbuhan.

According to Fyqieh, the benchmark interest rate is one of the important factors affecting the market, where the United States plans to increase its benchmark interest rate, which could affect the US dollar and global financial markets as a whole.

"Amid economic uncertainty and inflationary concerns, investors are closely monitoring the Fed's decision, which affects crypto market behavior," Fyqieh said in a statement.

Economic uncertainty and concerns about inflation are factors that affect the behavior of the crypto market. Because according to him, rising interest rates in the future could harm Bitcoin.

"In fact, it does not exclude the possibility of a decrease in the price of Bitcoin to reach 24,000 US dollars or around Rp. 367 million," an analysis of Fyqieh.

In addition, uncertainty from the crypto market itself, such as delaying the SEC's decision regarding the approval of the Bitcoin Spot ETF, the still unresolved Binance case, and the compensation FTX should provide to users is also a factor that will affect the price of Bitcoin.