Bitcoin Had Down, This Said Markus Thielen

JAKARTA - Bitcoin, the pioneer of crypto assets, has again attracted the world's attention. After slipping below US$70,000 (around Rp1.1 billion), this digital crypto asset is now in the spotlight with promising predictions. Crypto market analysts and observers remain optimistic, looking to the future of Bitcoin with high hopes, some even dare to predict that Bitcoin will reach an all-time high price in the near future.

Quoted from CryptoPotato, Markus Thielen, head of research at 10x Research, observed an almost finished pattern of head and shoulders'' graphs. It's only a matter of time until Bitcoin reaches a new high price," said Thielen. He predicts that if resistance is breached, the price of Bitcoin could jump towards 83,000 US Dollars (around Rp1.3 billion) in the near future. However, on June 7, Bitcoin had experienced resistance and fell to around 69,000 US Dollars (around Rp1.1 billion). However, Thielen remains optimistic, and the observed pattern of graphs is still valid.

Thielen stated, We remain bullish, referring to the onset of the global central bank easing cycle, which is now confirmed with the decline in interest rates in Canada and Europe this week. With US economic growth, employment, and consumer spending weakening, inflation will soon slow down. US employment data show mixed results, with unemployment rates rising to 4.0%, but there is a positive shock at the increasing number of jobs. Bitcoin prices only rose 3.1% despite the inflow of 4.8 billion US Dollars (approximately IDR 78 trillion) over the past week. This is still below the prediction of a 5.8% increase based on regression analysis.

Thielen provided a detailed analysis of Bitcoin price movements correlated with cash inflows, indicating that about 13 billion US Dollars (approximately Rp211 trillion) of new inflows are needed to reach 83,000 US Dollars. The break over the 71,600 US Dollar trend line will result in more purchases, he said, adding that a huge commitment was needed to reach the number of inflows.