Bitcoin Drops Below IDR 920 Million Again, Does It Enter Bearish Trend?

Illustration of the price of Bitcoin (photo: Pexels)

JAKARTA - Bitcoin has again taken attention in recent days, after its price decreased to below US$60,000 (Rp920 million). On Thursday, August 29, Bitcoin was at the level of Rp59,196 or around Rp910 million).

According to Tokocrypto trader Fyqieh Fachrur, the decline came after the speech of the Fed Chair, Jerome Powell, which triggered the rally to a high level of 65,055 US dollars (Rp1 billion) on Friday, August 23. However, this positive sentiment did not last long.

In addition, another factor that also affects the price of Bitcoin is inflation and personal spending data in the US. According to him, the Fed's decision will be a key factor in determining the direction of Bitcoin movement in the coming months.

"The overall market sentiment in the short term is still bearish, with many traders taking short positions on Bitcoin," Fyqieh said in a written statement.

Fyqieh is also worried because usually September is a challenging month for Bitcoin, with historical data showing that prices tend to drop by an average of 5.64 percent in the 2013-2022 period.

"However, in September 2023, Bitcoin managed to record a positive performance, which was the first time since 2016, providing a little optimism in the middle of a bearish market," explained Fyqieh.

Fyqieh explained that Bitcoin is currently in a consolidation phase known as "ReAccumulation Range."

Based on historical patterns, he explained that this phase could last up to several months before a significant price spike. If this pattern repeats itself, Bitcoin could experience a price spike in October 2024, along with post-haling market reactions.

Despite the drop in Bitcoin prices below US$60,000 (Rp920 million) raising concerns, technical and historical analysis suggests that the market may still be in the consolidation phase.

"The potential price spike in October 2024, in line with Fed's interest rate policy decision, provides hope for investors who remain optimistic about the future of Bitcoin," he said.