Haling Bitcoin Is Getting Closer, John Bollinger Predicts BTC Will Soar!

JAKARTA - Bitcoin (BTC) has again stolen public attention with a tremendous price increase in recent times. This most popular digital asset managed to penetrate its highest level this year at 48,969.37 US dollars or around Rp. 764.7 million in early February 2024. Many market experts are optimistic that this is the beginning of a sustainable bullish trend.

One of those providing the analysis was John Bollinger, the legendary trader who created the technical Bollinger Bands (BB) indicator. Through his Twitter account, he shared a BTCUSD chart and said that Bitcoin is moving at the top of BB. This suggests that Bitcoin is in overbought condition and potentially rising higher.

However, Bollinger also warned that there is a possible future divergence, meaning that Bitcoin could experience a price drop after peaking. He advised investors to be careful and keep up with market developments.

At the time of writing, Bitcoin was trading at 47,213.46 US dollars or around Rp. 737.9 million, down 0.77% in the last 24 hours. Even so, Bitcoin has still recorded a positive performance since the beginning of this year with an increase of more than 11%.

Factors That Affect Bitcoin Prices

The price of Bitcoin is influenced by various factors, both internal and external. Some of the internal factors include the supply and demand of Bitcoin, mining activities, transaction costs, and technological innovation. Some of the external factors include regulation, market sentiment, adoption, and competition with other cryptocurrencies.

One of the internal factors that is considered important is the Haling Bitcoin, which is the half reduction in the amount of Bitcoin given to miners once every four years. The last Haling happened in May 2020, which reduced the reward from 12.5 BTC to 6.25 BTC per block. The next Haling is expected to occur in 2024, which will lower the reward to 3.125 BTC per block.

Halfing Bitcoin aims to control the limited supply of Bitcoin, which is only 21 million coins. To date, there have been around 19 million coins mined. With Halving, the number of new Bitcoins entering the market will decrease, so it is expected to increase the price of Bitcoin as demand exceeds supply.