Bitcoin Rises Again, Targets Price of 743 Million by the End of 2023

Bitcoin price prediction (photo: Pexels)

JAKARTA - Bitcoin (BTC) has shown impressive performance throughout 2023. This was proven when Bitcoin topped 44,500 US dollars (IDR 696 million) on Friday, December 8.

Even though at the beginning of the second week of December, BTC experienced a correction, Bitcoin managed to recover and reached more than 42,000 US dollars (IDR 655 million) on December 14.

This is the result of the Fed's decision to maintain interest rates in the range of 5.25 - 5.5 percent, while hinting at the possibility of lowering interest rates for the coming year.

Tokocrypto trader Fyqieh Fachrur explained that from a crypto market perspective, the latest policy from the Fed provides confidence that US macroeconomic conditions will become more stable.

Short-term predictions suggest that the crypto market will likely remain bullish until late 2023 and early 2024.

"This provides an opportunity for BTC price increases in the short term, although there is potential for a correction lower," said Fyqieh.

Even though the current situation seems stable, Fyqieh explained that Bitcoin's short-term price trend currently shows positive sentiment. However, there are indications of saturation in buying action which could hinder the surge in BTC prices.

"A move above 44,000 US dollars (IDR 681 million) could attract more traders to open long positions, which might indicate the end of the correction and trigger a pre-Christmas rally," he explained further.

"Key steps over the next few weeks, including reaching the level of 45,000 US dollars (IDR 697 million), could open the door to the level of 48,000 US dollars (IDR 743 million)," concluded Fyqieh.