Uptober Becomes a Reality, There is Potential for Bitcoin Price to Reach IDR 637 Million

JAKARTA - October is a profitable month for most crypto assets, especially Bitcoin (BTC). The price of Bitcoin soared sharply, passing the 35,000 US dollar mark (IDR 557 million) for the first time since May 2022.

On Thursday, October 26 at around 12.30 p.m. Western Indonesian Time (WIB), Bitcoin was at a price of 34,686 US dollars (IDR 552 million), with an increase of 22.94 percent in a week and 109 percent so far this year.

Tokocrypto trader, Fyqieh Fachrur, explained that currently Bitcoin is getting an additional boost in creating new investment opportunities through ETFs, an easier way for individuals to invest in Bitcoin at spot prices.

According to Fyqieh, this ETF can also reduce some of the risks associated with investing in digital assets so far, as well as being a bridge connecting traditional investors with the growing crypto market.

Fyqieh explained that there are two factors that are expected to contribute to Bitcoin's next rise, including the approval of a spot BTC ETF and the halving event scheduled for April 2024.

"In the short term, the Fed is likely to keep interest rates at a constant level at its next meeting in November. If interest rates remain unchanged, it is very likely that the upward trend in Bitcoin prices will continue," explained Fyqieh.

In terms of technical analysis, Fyqieh explained that currently market players are waiting with great hope and anxiety because the Bitcoin price makes its second movement against resistance at the level of 35,000 US dollars this week.

"There is a big possibility, unless there is new negative sentiment, both from industry and macroeconomic data, we estimate that Bitcoin could reach the level of 40,000 US dollars (IDR 637 million) for the first time in the fourth quarter of 2023," he explained.

However, if a correction occurs, investors are ready to buy Bitcoin when it retests the support level at 31,500 US dollars (IDR 502 million).