Tokocrypto Highlights Crypto Market Movements After The 2024 Election

Crypto market is very well known for its volatility. Usually, this is influenced by several factors, including political factors. However, according to Tokocrypto trader, Fyqieh Fachrur, although Indonesia has more than 18 million crypto investors, the 2024 election contestation moment is not the center of attention in the dynamics of the global crypto market.

On the other hand, Fyqieh observed that the domestic stock market often moves parallel to the world crypto market. The surge in the Composite Stock Price Index (JCI) after the quick calculation of the 2024 General Election shows positive sentiment that could have an impact on the crypto market.

Positive trends in the stock market are often a reflection of the crypto market, indicating a potential positive momentum for domestic crypto investors.

"After the election, the focus of domestic market players has shifted to the post-election regulatory issue which is a crucial factor in influencing investor interest," said Fyqieh.

According to him, market participants are very careful in taking a stand. Regulations that support the crypto sector, such as tax incentives and legally recognized crypto listings, can be a catalyst for the development of domestic crypto transactions.

On the other hand, the development of Bitcoin (BTC) prices to date has increased investor confidence, signaling the start of a new bullish cycle.

Interestingly, historical data shows that the price of Bitcoin tends to rise around Valentine's Day which is celebrated every February 14, with a consistent increase in the last four years.

Data shows that the price of Bitcoin has generated 1.3%, 3.03%, 1.13%, and 1.9%, respectively, in the last four Valentine's Day since 2020.

The price of BTC rose 3.66% to its peak at $52,040 in the daily period on February 14, extending Valentine's Day's winning streak to five consecutive years.

"In addition, the moments of halling are getting closer to increasing the euphoria of BTC purchases, thereby increasing prices significantly," explained Fyqieh.

Fyqieh is optimistic about his belief that Bitcoin has the potential to reach a price range of between 54,000 - 58,000 US dollars (Rp 844 - 907 million) before delivery.