Bitcoin Is Still In Negative Pressure For The Week After Halfing, Why?
JAKARTA - After almost a week after Bitcoin Halfing on Saturday, April 20, the price of Bitcoin is currently still under pressure and negative sentiment.
Tokocrypto trader, Fyqieh Fachrur, explained that there are several factors that contribute to this negative performance, including anticipating reports of quarterly revenues of technology companies in the United States to Israeli-Iran conflicts.
"Bitcoin's negative performance this week could be linked, with fears of corrections to the US stock market, rising crisis in the Middle East, and reduced confidence in China's economy," Fyqieh was quoted as saying Friday, April 26.
Furthermore, Fyqieh explained that this year's halving cycle will be slightly different from the previous events, which had occurred three times in 2012, 2016, and 2020.
According to him, this halving resulted in a 50 percent reduction in Bitcoin mining rewards, from 6.25 BTC to 3.125 BTC. As a result, the number of Bitcoins circulating is getting rarer, causing a surge in demand among investors.
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Another main reason why this Haling Bitcoin hasn't caused a high price spike is that the Fed or the US Federal Reserve hasn't given a strong signal for lower interest rates.
"Bitcoin price segmentation after halving can be considered a natural phenomenon. Many expect a significant price increase after halving, even though the effects of this diving are actually felt in the next 2-4 months," he explained further.
If anyone is still doubtful or unsure about the direction of the Bitcoin price movement, Fyqieh recommends using the Dollar Cost Averaging (DCA) technique, given the recent uncertainty in the market that Bitcoin could potentially be bullish or bearish.