Bitcoin Price Declines, What Will Happen To The Crypto Market In The Future?
JAKARTA - The Bitcoin market is experiencing a drastic price correction. It even fell below US$80,000 (Rp1.31 billion). However, based on CoinMarketCap, on Wednesday, March 12, Bitcoin was perched at US$82,000 (Rp1.34 billion).
Seeing this phenomenon, crypto analyst from Reku, Fahmi Almuttaqin, said that current Bitcoin price corrections may be an accumulation opportunity for institutional investors, especially if Bitcoin is seen as a hedge instrument against inflation and economic uncertainty.
"Meskipun demikian, altcoin, terutama yang terkait proyek Al atau teknologi, mungkin akan lebih terbukti terkorksi lebih dalam akibat valuasi yang terlalu optimismis dan korelasinya dengan sentimen saham-saham AS di sektor teknologi seperti Nvidia, jelas Fahmi.
Fahmi also explained that the US inflation report and fiscal policy would be the main catalysts in market movement going forward.
According to him, with the results of the White House Crypto Summit meeting which has not provided many positive catalysts for the crypto market, the Fed's interest rate was again detained at the March 19 meeting next week with the potential to put the crypto market in a condition where there are still minimal positive catalysts.
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"This condition can make the current pressure on the market potentially continue," he explained further.
However, the potential shift in sentiment remains open, especially if Bitcoin is increasingly recognized as a hedge asset against inflation. Trump's administrative move to legitimize the US Bitcoin Reserve will also increase the trust of traditional investors.
"For investors who tend to prioritize the fundamentals of an asset, they can invest in crypto assets that have the largest market capitalization," he concluded.