Bitcoin Has The Potential To Be Under Pressure In The Middle Of The Year, Reku Explains Crypto Positive Prospects

JAKARTA - Bitcoin tends to decline in the middle of the year. Launching Coininglass, in the last eleven years (2013-2023), Bitcoin has recorded a price decline of seven times in August and has only increased four times.

According to Crypto Analyst Reku Fahmi Almuttaqin, this situation describes the more complex market dynamics that often occur in transition conditions.

However, the increasing interest of traditional investors in the United States in Bitcoin and the re-emergence of Bitcoin accumulation activity by large or whale investors, according to Fahmi, is interesting to pay more attention to.

CryptoQuant's Bitcoin Holder data shows an increase in Bitcoin ownership by large investors (whole) by 6.3 percent in the past month, which is the highest percentage increase since April 2023.

"This reflects the magnitude of whale optimism for Bitcoin, amid projected price weakness in the middle of the year by several analysts," continued Fahmi in a written statement on Wednesday, July 31.

In addition, the meeting of US Central Bank officials, The Fed, on July 31 is also a moment that market participants will pay close attention to. Because, the meeting will be an important clue regarding the policy direction to be made in the next few months.

Bitcoin's Positive Prospect

Bitcoin's accumulation trend by large investors and traditional investors, including among institutions in the US, is also accompanied by the increasing liquidity power of Bitcoin in the market.

According to Fahmi, the greater Bitcoin liquidity can make Bitcoin an asset that is increasingly attractive to investors, especially from non-crypto circles.

The development of this situation could potentially increase the number of new investors from wider circles that could increase the size of the Bitcoin market in the future, he continued.