Bitcoin Price Drops 20 Percent, What's The Fate Of The Crypto Market?

Bitcoin prices have fallen since the approval of the Bitcoin Spot ETF (photo: Unsplash)

JAKARTA - After approximately two weeks after the US Securities and Exchange Commission (SEC) approved the Bitcoin Spot ETF, the price of Bitcoin fluctuates that make investors feel mixed up.

In fact, some time ago the price of Bitcoin had reached below 40,000 US dollars (Rp. 633 million), down 20.6 percent from its highest level of 49,000 US dollars (Rp. 775.8 million), which occurred on January 11.

According to Tokocrypto trader Fyqieh Fachrur, the current price of Bitcoin is critical at US$40,000 (Rp. 633 million), and many fear that the bearish market will continue to halving in April.

In addition, Fyqieh also said that the uncertainty regarding this economic data makes it difficult to predict the recovery of Bitcoin prices in the near future. There is a possibility that the price of Bitcoin will remain at around 40,000 US dollars (Rp. 633 million) until February 2024," said Fyqieh, quoted Friday, January 26.

So for now, Fyqieh added, there is no certainty regarding recovery because there is still a lot of uncertainty in the market. "Most likely the current goal is at $36,000 if market conditions continue to deteriorate ahead of February," an analysis of Fyqieh.

With this condition, Fyqieh sees traders and investors tend to wait for the situation to become more certain because currently Bitcoin is in a very unstable condition with decreasing transaction volume.