Crypto Magic Reveals Bitcoin Predictions This Week

Bitcoin prediction this week (photo: Pixabay)

JAKARTA - After experiencing growth of up to 44,500 (Rp690 million) US dollars on Tuesday, December 5, Bitcoin also experienced a price decline of up to US$40,200 (Rp623 million) on Monday, December 12.

However, earlier this week Bitcoin, which is often considered a determinant of the crypto market direction, has managed to strengthen again and perched at the level of 42,000 US dollars (Rp651 million), an increase of 4.27 percent in the last 24 hours.

In addition, Ethereum (ETH) is also still firmly above the psychological support of 2,000 US dollars (Rp31 million), which has increased by 3.2 percent perched at the price of 2,215 US dollars (Rp34.3 million) in the past week.

Meanwhile, the total capitalization of the crypto market this morning also strengthened by 2.30 percent in the last 24 hours. This recovery was also followed by the movement of altcoins which also strengthened.

This week, Ajaib Kripto said there would be a series of economic data that would be released. Thursday, December 21, a third-quarter GDP report will provide a final overview of the health of the US economy in the previous quarter, expected to remain stable at an annual economic expansion rate of around 5.2 percent.

Although this week there have been several US economic events, Ajaib sees market participants still quite optimistic over last week's Federal Reserve meeting.

Where market participants are enthusiastic about the potential to cut interest rates by around 25 basis points in March 2024, with a probability of around 66.70 percent according to the FedWatch Tool CME.

"This is driven by the hope of a significant drop in interest rates next year due to a decline in inflation in the US. Thus, the crypto market will most likely not be affected by the release of economic data in the US this week," he added.