Bitcoin Breaks 70,000 US Dollars, What's Next?

Illustration of crypto assets (photo: Pixabay)

JAKARTA - Bitcoin stole the show again after successfully breaking the price level of US$70,000 (Rp1.10 billion) on Tuesday, October 29, reaching its highest position since last July.

This strengthening momentum comes amid market optimism ahead of the general election in the United States on November 5, which is expected to have an impact on US economic and financial sector policies, including the crypto market.

Commenting on this momentum, the Financial Expert Ajaib Kripto Panji Yudha stated that if BTC can survive above the support level of US$69,000 (Rp1.08 billion), there is a potential for BTC to continue to strengthen to the level of US$72,000 (Rp1.13 billion).

Not only Bitcoin has increased, altcoins are predicted to shine again like altcoin season in 2021 where at that time DeFi and NFT were in the spotlight.

However, this condition also opens up speculation about the arrival of "altseasons" or periods in which altcoins such as Ethereum and Solana tend to record better performance than Bitcoin.

"This pattern often occurs after Bitcoin peaks, where investors start switching to other crypto assets or altcoins," Panji said in a written statement.

Panji added that some major altcoins such as Ethereum, Solana, to coin memes can be an attractive choice for traders.

Although there is a potential for BTC prices to continue to increase, Panji asks investors to continue to be careful of potential corrections that could occur at any time, especially in the midst of uncertainty in global economic conditions.

"Thus, the combination of technical factors and market sentiment ahead of the election will determine whether Bitcoin will be able to survive or even set a new record in the near future," he concluded.