Be Patient, Bitcoin Prices Will Rise If This Happens!

Bitcoin, the largest crypto asset by market cap. (Photo; Doc. Unsplash)

JAKARTA - Crypto market analyst from Bloomberg Intelligence, Jamie Coutts, has issued a warning about Bitcoin (BTC), warning that BTC is currently vulnerable to a decline in global liquidity.

Coutts noted that Bitcoin has reached an "exit signal" from the market around mid-July when its price was around $229,500 (Rp453 million). Currently, the price of Bitcoin is at a level of around $26,187 or equivalent to Rp402 million per BTC. This indicates a decrease of about 11% from that level.

Furthermore, Coutts predicts an increase in BTC prices. According to the Bloomberg Intelligence analyst, Bitcoin may only re-enter the bullish phase if the global liquidity level increases. He said that the current global liquidity condition is still very negative, and until conditions improve, Bitcoin is likely to remain in a negative trend.

Coutts also noted that the liquidity level in the United States, although increasing recently, has yet to show significant changes. According to him, positive changes in the US liquidity level are likely to occur only if the Federal Reserve changes its policies. This is something that is unlikely to happen in the short term.

It doesn't stop there, he also mentioned that although Bitcoin's Exchange Trade Fund (ETF) approval in the US could be a positive factor for the crypto market in the long term, demand from institutional investors for digital assets is unlikely to be significant until liquidity increases substantially.

This warning underscores the importance of global liquidity in influencing Bitcoin price movements and that global economic conditions can have a significant impact on the crypto market.