Back Uptober Trend, Bitcoin Ready To Break 75,000 Dollars?

Illustration of Bitcoin (photo: Pixabay)

JAKARTA - Tokocrypto trader Fyqieh Fachrur sees that the Uptober trend is happening again this year, supported by strong positive sentiment and macroeconomic catalysts.

In fact, the price of Bitcoin continues to show a positive trend, approaching the previous all-time high (ATH) at the level of 73,750 US dollars or around Rp1.15 billion, and the chances of setting a new record are increasingly wide open.

The price of Bitcoin had reached 73,400 US dollars (Rp1.15 billion) before correcting it to 72,274 US dollars (Rp1.13 billion) on Wednesday, October 30.

However, with strong Bitcoin dominance in the market as well as a spike in daily transaction volume of up to 14.86 percent, investor interest is getting clear. And according to Fyqieh, this reinforces the potential to enter the price disclosure phase before the close of this month.

"If this momentum continues, ATH's target of more than US$75,000 (Rp1.17 billion) is very realistic to achieve before the end of this month," he added.

Fyqieh also saw that the US presidential election and the Federal Open Market Committee (FOMC) meeting on November 7 would be a powerful catalyst that could push the price of Bitcoin higher.

US election often triggers volatility in the market, and if pro-crypto candidates are selected, supporting regulatory expectations could strengthen demand for these digital assets, explained Fyqieh.

Meanwhile, if interest rates are cut or maintained, this will be a positive signal for Bitcoin as a hedge against inflation.

However, if the FOMC raises interest rates aggressively, the pressure on crypto assets could increase as investors may switch to safer assets.

But in general, Fyqieh concluded that the potential for Bitcoin to reach ATH is only quite large, but still advises investors to be aware of possible corrections that could disrupt this momentum.