Bitcoin Price Has Slumped Below IDR 793 Million, Is There Still Potential Recovery?

Illustration of crypto prices (photo: Unsplash)

JAKARTA - Bitcoin (BTC) had decreased by about 15 percent on Monday, August 5 from the one initially traded at 59,500 US dollars (Rp961 million), to the level of 49,079 US dollars (Rp793 million).

The decline in Bitcoin prices can be relatively fast, as in just 24 hours, the price of Bitcoin could fall 15 percent. However, on Wednesday, August 7, Bitcoin had slightly recovered to US$56,000 (Rp905 million).

According to Crypto Analyst Reku Fahmi Almuttaqin, the Bitcoin decline is something interesting to observe further. The reason is, this incident can be said to be one of the best times to purchase crypto assets in the market.

"Investors can optimize this condition to buy Bitcoin at a price that is relatively lower than a few months before a drastic drop occurs," Fahmi said in a written statement.

Nevertheless, Fahmi sees that the optimism of Bitcoin (miner) miners is still relatively high where there has been only a slight decline in hash rate which is a normal fluctuation and does not rule out the termination of mining operations by miners.

Hal ini berbeda dengan penurunan hash rate yang cukup signifikan pada 23 Juni lalu. Dengan optimisme tersebut, perbaikannya performa Bitcoin masih terbuka, lanjut Fahmi.

Fahmi also said that with the bullish trend seen as able to survive despite the selling pressure in the market, the August-September period may be an accumulation period by some investors to prepare for a major rally in the bullish crypto phase that will occur after the change in the Fed's interest rate policy direction.

Investors can monitor market movements by looking for easily understood sources of information and already covering market analysis. This is because many factors often hinder investors from concluding the situation is happening," he concluded.