Bitcoin Strengthens Amid US-China Trade War, Potentially Sets New Record In June

JAKARTA - Bitcoin had again penetrated the psychological level of US$110,000 (Rp1.78 billion) on Tuesday, June 10, the highest level in the last two weeks. Although on Wednesday, June 11, Bitcoin was at the level of US$109,000 (Rp1.77 billion).

Ajaib's Financial Expert, Panji Yudha said the market's optimism was increasing as positive developments in trade talks between the US and China, potentially easing geopolitical tensions and opening up space for risk-on-assets such as crypto assets.

Historically, China's US tensions have often been a trigger for volatility in the global market and any positive signals will be immediately welcomed by market players with the act of accumulation of high-risk assets such as Bitcoin, Panji said in his statement.

Meanwhile, not only Bitcoin, Ethereum (ETH) also rallied up to 2,640 US dollars or Rp42.9 million (+4.5%) and Solana (SOL) rose 3% to a close level of 160 US dollars (Rp1.7 million), which means, this positive sentiment is not limited to BTC alone.

The market will focus on the release of CPI and US PPI this week. If inflation is high it will trigger fears of tightening the Fed, otherwise if the data softens, it will boost the strengthening of risk assets.

"With a macro background and global sentiment that tends to support, stable work data, and sloping inflation expectations I think Bitcoin's chances of setting an all-time high again in June are still wide open," said Panji.

If inflation moves according to or below expectations, and followed by macro pressure eases, we could see BTC's huge potential to set record highs in the range of 115,000 US$120,000 (Rp1.87 - 1.95 billion).