Bitcoin Continues To Rise After The Bunga Rate Cut, Will The Bullish Trend Continue?

Illustration of Bitcoin (photo: Unsplash)

JAKARTA - After experiencing a decline below 60,000 US dollars (Rp911 million), but after the announcement of the Fed's decline in interest rates, the price of Bitcoin continues to experience a positive trend and tends to be stable at the level of 64,000 US dollars (Rp971 million).

Crypto's Financial Expert, Panji Yudha said that this increase was pushed after the Fed took aggressive steps by lowering the benchmark interest rate by 50 basis points, from 5.25-5.5 percent to 4.75-5 percent.

"This looser monetary policy is also expected to have a positive impact on crypto assets, especially Bitcoin at low interest rates, investors will be more interested in assets with high yields such as crypto," Panji said in his statement.

However, Panji explained that this week will be filled with important economic events that could affect the market. Therefore, investors are asked to be vigilant because this event has the potential to affect Bitcoin and other crypto assets.

On September 24, a Consumer Confidence & Sentiment report will be released, which measures public optimism or pessimism of economic conditions. If the result is positive, this can encourage spending and have a good impact on speculative assets such as Bitcoin, "said Panji.

Then, on September 26, the updated second-quarter GDP report is predicted to grow 2.8 percent, this increase could strengthen confidence in the US economy, and also have a positive impact on Bitcoin.

Federal Reserve chairman Jerome Powell is also scheduled to give a speech on September 26. After the cut in interest rates, according to Panji, the market is looking forward to his statement, potentially affecting crypto market sentiment.

On September 27, the PCE Inti inflation report will be released. If inflation is lower than expected, the chance of cutting interest rates will increase, which could provide benefits for Bitcoin and other crypto assets," he continued.

The conclusion from the release of all the economic data is that the results of the report have the potential to have a significant impact on the market, including Bitcoin and other crypto assets.