JAKARTA - A significant week's Bitcoin (BTC) price increase of nearly $65,000, appears to spark investors' interest in Bitcoin price predictions.
According to Tokocrypto trader Fyqieh Fachrur, market optimism was triggered by several factors, including the shooting incident of a pro-crypto US presidential candidate, Donald Trump. This incident increased its election chance by 70 percent.
The price spike was driven by positive sentiment towards Trump, who recently expressed his positive view of the crypto industry, Fyqieh said in a statement.
With this incident, Fyqieh added, "the market regards the assassination attempt as pro-Trump news, combined with its vocal support for Bitcoin, which triggers a positive reaction among investors."
Why Can Trump's Victory Increase Crypto Demand?
According to Fyqieh, Trump's victory could end SEC Chair, Gary Gensler, earlier. The pro-crypto SEC chairman can replace Gensler and end strict regulations through law enforcement.
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There will also likely be progress in in introducing the crypto regulatory framework that is urgently needed to encourage innovation and protect consumers.
"Currently, the movement of the Bitcoin price is in a balance between the bulls and the bears. Continuous gusts above the US$64,602 resistance level (Rp1.04 billion) are critical to confirming the bullish trend and potentially triggering a rally in the wider crypto market," he analyzed.
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