Bitcoin Reaches IDR 1 Billion, Can It Continue To Skyrocket? Here's The Answer!

Illustration of Bitcoin (photo: Pexels)

JAKARTA - The crypto market started positive this week, marked by the strengthening of the price of Bitcoin which had exceeded the level of $66,000 or above Rp1 billion with an increase of 6 percent in the past week.

Over the past seven months, Bitcoin price rallies have often been limited to the above resistance, particularly at the level of $65,000 (Rp1.01-1.02 billion) and then back down to $ 60,000 (Rp934 million).

On Tuesday, October 15, BTC was perched at USD 65,850 or approximately IDR 1.02 billion. According to Crypto's Magical Financial Expert, Panji Yudha, if BTC could last above USD 64,000, then there is a possibility that it will continue the rally up to USD 68,000 (IDR 1.05 billion).

"Meanwhile, if it drops below support, BTC will first retest to a trendline resistance around MA-20 at the level of US$63,000 (Rp981 million)," Panji said in a statement.

According to him, the increase in Bitcoin in the past week has been driven by several factors, including US inflation data for September which rose 2.4 percent YoY, an increase in Donald Trump's chances in US elections, MicroStrategy's stock which reached its highest point, as well as China's fiscal stimulus uncertainty that sparked speculation investors switched to crypto assets.

Lastly, the rise of BTC in October is often associated with the term Uptober', which refers to October's trend of being a bullish moon for Bitcoin and the overall crypto market.

Usually, October closes with an increase, although not infrequently this month starting with corrections. In 2023, Bitcoin had fallen 7 percent in the first half of October before rally by 30 percent by the end of the month.

"This historical momentum is also one of the important catalysts that can support Bitcoin's bullish movement in the rest of the month," he concluded.