Bitcoin Is Predicted To Reach IDR 775 Million, This Is According To Crypto Analysts!

Bitcoin price predictions according to crypto analysts. (Photo; Doc. Pexels)

JAKARTA - Bitcoin, the world's most popular cryptocurrency, continues to show impressive performance. In the past week, the price of Bitcoin has risen by more than 13 percent, reaching its highest level since May 2022.

A number of crypto analysts predict that Bitcoin will continue its upward trend and could reach $50,000 (Rp775 million) in the next few weeks.

One of the optimistic analysts on Bitcoin is Alistar Milne. Based on his technical analysis, Milne stated that Bitcoin has shown early signs of a bullish market. Milne said that Bitcoin has managed to stay above the 200-week Moving Average price, which is an important indicator of determining market direction.

In addition, Milne also estimates that Bitcoin will form a Golden Cross pattern on its weekly graph, namely when Moving Average 50 weeks across above the 200-week Moving Average. This pattern usually marks the start of a strong upward trend.

Not only that, another crypto analyst who gave a bullish prediction for Bitcoin is CryptoCon. He compared the current Bitcoin cycle to the 2015/2018 cycle. CryptoCon says that Bitcoin has the potential to reach $47,000 (Rp727,500,000) this month, based on the BitTime model it created. The model uses historical data and market trends to make price projections. CryptoCon also said that Bitcoin could reach $130,000 (Rp2,015,000,000) by the end of 2025, if it followed previous cycle patterns.

Even higher predictions came from CredibleCrypto, which targeted a Bitcoin price of $50,000 (Rp775,000,000) this month. CredibleCrypto says that Bitcoin's rise over the past week and a month, coupled with high spot offerings, could push these assets to the target. On the other hand, CredibleCrypto also reminds traders to be careful, as Bitcoin could still experience corrections before continuing the rally.

An increase in interest in Bitcoin can also be seen from trading activities for BTC and Ether (ETH) options on the Deribit exchange, which hit a new record high on Friday. According to Luuk Strijers, the stock exchange's Chief Commercial Officer, the total amount of dollars locked in the BTC and ETH option contracts reached $23.6 billion (Rp365,800,000,000,000), with Bitcoin accounting for 67 percent of the total.

Strijers said that this shows that traders anticipate large price movements for both assets. Bitcoin, with a market capitalization of $814 billion (IDR 12.6 quadrillion), is still the largest and most popular crypto asset in the world.