Ajaib Reveals Sentiment And Bitcoin Prediction Ahead Of Chinese New Year 2024

Bitcoin ahead of Chinese New Year 2024 (photo: freepic)

JAKARTA - Bitcoin opened in early February with a tendency to move sideways 41,800-43,800 US dollars (Rp657-689 million) after successfully closing January 2024 with a slight increase of around 0.62% at a price of 42,580 US dollars (Rp669.8 million).

On Tuesday, February 6 morning at 08.00 WIB BTC perched at the level of 42,600 (IDR 670 million) up about 0.52% in the last 24 hours.

Meanwhile, at the same time, Ethereum (ETH) also experienced an increase of 0.87% moving at 2,301 US dollars (Rp36.1 million). Meanwhile, the total market capitalization of Crypto Assets is at the level of 1.590 trillion US dollars, strengthening 0.70% in the last 24 hours.

According to the Financial Expert Ajaib Kripto, Panji Yudha, in the short term BTC has the potential to move sideways around 41,800-43,800 (Rp657-689 million) or in the MA-20 to MA-50 range.

"On the other hand, if it goes up above the MA-50 then the potential goes up to a resistance of 44,500 US dollars (Rp700 million). Meanwhile, the decline below the MA-20, BTC weakened to support 40,500 US dollars (Rp637 million)," added Panji further.

Bitcoin Price Ahead Of Chinese New Year

According to CoinMarketCap, historically the price of Bitcoin has always recorded an increase during and after the Chinese New Year, as this moment is considered a good entry time for investors to reap money.

According to Panji, at the 2024 Chinese New Year celebration, the crypto market has the potential to experience the same thing, due to optimism on the spot's Bitcoin ETF that was approved in the US last month.

"In the face of this week's diversity of market sentiment, investors and traders should remain cautious and closely follow market developments," he said.

Panji also suggested conducting independent research and investing according to each individual risk profile, in order to make the right investment decisions.