Bitcoin Had Fallen But Immediately Flew Again, Ready To Rise Again In 2024

Bitcoin price had dropped. (Photo; Doc. Pexels)

JAKARTA - The price of Bitcoin (BTC) managed to rise from a decline caused by the weakening of US shares on Wednesday. This morning, the price of BTC is approaching the level of $44,000 (Rp681.56 million), up 2.51 percent in the last 24 hours.

US stocks fell on Wednesday, December 20, with the S&P 500 index closing 1.42 percent lower. This decline sparked a sell-off in the risk asset market, including Bitcoin and other cryptocurrencies. As a result, many of the main tokens have experienced a sharp decline.

Despite the decline, Bitcoin immediately rose again. Less than 24 hours later, BTC returned to the green zone and was trading at $43,904 (Rp679.35 million) at the time this article was written, according to CoinMarketCap data. Other tokens are also following a positive trend, such as SOL which rose 13.51 percent in the last 24 hours.

The recovery of Bitcoin and other cryptocurrencies also has an impact on global crypto market capitalization. On Wednesday, crypto market capitalization approached $1.7 trillion (Rp26.33 quadrillion), according to CoinMarketCap data. This shows the flow of funds to the crypto industry.

Investors Are Still Optimistic

However, there are several factors that keep traders optimistic about Bitcoin. One of them is the hope for the approval of the Bitcoin Spot exchange-traded fund (ETF) in the US. If this happens, demand for Bitcoin is expected to increase, especially from financial institutions.

In addition, there is also a Bitcoin busking event that will take place in April 2024. Halving is a hal reduction in the amount of Bitcoin produced by each mining block. This momentum is often the trigger for the increase in Bitcoin prices in the long term.

Thus, Bitcoin appears to be ready for a rally in 2024. Meanwhile, in the short term, Bitcoin may still experience consolidation after the last month rally. This means Bitcoin may not be moving significantly during the year-end holidays, especially the Christmas and New Year holidays.