Potential For Post-Having Bitcoin Price Movement, Up Or Down?

Illustration of crypto price movements (photo: Pixabay)

JAKARTA - Ahead of the halling moment which is expected to occur on April 20, on Thursday, April 18, the price of Bitcoin was observed to fall by more than 3.84 percent to US$61,309 (Rp992 million).

According to Tokocrypto trader Fyqieh Fachrur, the Bitcoin decline occurred due to several factors, the main thing being the increasing tension of the Iran-Israeli conflict and the Fed's belief that it was impossible to rush down interest rates this year.

"In addition, investors in the crypto market are looking forward to halling. Trendly, this halving will increase prices, but with the price of Bitcoin recently hitting its highest point in history, doubts arise," Fyqieh said further.

Fyqieh is expected that he will increase the price of BTC in the long term. However, ahead of that increase, Bitcoin will fluctuate even more and likely will continue to decline.

Fyqieh menjelaskan secara tren harga Bitcoin menjelang halving, jika sejarah terulang, BTC mungkin akan mengalami penurunan harga sebelum mendapatkan momentum untuk bull run.

However, Fyqieh added, "This downward trend is not unexpected, because BTC is following a historical trend ahead of the upcoming halling."

Bitcoin is slowly moving from the 'Pre-Having Rally' phase to the 'Pre-Having Retrace' phase which tends to occur 28 to 14 days before the halling event. This phase resulted in a price reduction of 38 percent and 20 percent respectively in 2016 and 2020.

He also argues that although the price of BTC may experience a correction, in the long term Bitcoin will be bullish. In particular, after the Pre-Having Retrace phase, BTC will enter a re-accumulating phase.