Bitcoin Almost Breaks 70,000 US Dollars, Will Up Reli Can Continue?

Illustration of Bitcoin (photo: Pixabay)

JAKARTA - The price of Bitcoin soared on Monday, October 21, 2024, reaching 69,487 US dollars or around Rp. 1.08 billion, the highest since July, before falling to 67,500 US dollars (Rp. 1.05 billion) on Tuesday morning.

Financial Expert Ajaib Kripto, Panji Yudha predicts that the price of Bitcoin could rise again to US$70,000 (Rp1.08 billion) if it persists above US$66,500 (Rp1.03 billion).

"Meanwhile, if it goes down from 66,500 US dollars (Rp1.03 billion), then the further decline to support 64,000 US dollars (Rp995 million)," explained Panji in a written statement.

According to Panji, one of the main drivers of this increase was the $2.13 billion inflow into the Bitcoin spot ETF between October 14-18, reflecting optimism for crypto regulation in the US, especially ahead of the presidential election on November 5.

Positive sentiment was also strengthened by the approval of 11 Bitcoin ETFs to trade operations on the New York Stock Exchange, including Fidelity and ARK21Shares.

Not only that, the US political factor also plays a role, with the expectations that pro-crypto candidates like Donald Trump will push for more friendly regulations.

In addition, US economic data this week, such as unemployment claims and the Federal Reserve interest rate policy, is anticipated to affect further Bitcoin price movements.

According to Panji, traders need to pay attention to the release of this data as an indicator of the potential for further strengthening in the crypto market.