Bitcoin Bullish Trends Are More Solid After The US Presidential Election, Will It Continue?

Illustration of Bitcoin (photo: Pexels)

JAKARTA - The price of Bitcoin had touched US$88,000 (Rp1.38 billion). Crypto analyst from Reku, Fahmi Almuttaqin said the development was in line with what many market participants had projected.

According to Fahmi, currently, Bitcoin can be said to be in a new price exploration phase, if the selling pressure is not too significant, it is likely that the rally will continue.

Where he explained, investors saw purchases from large investors increasing in the past week are an indication of the initial phase of the main rally in this bullish phase.

"Thus, the potential for an increasing positive trend, especially for the crypto market in general, is still quite open," said Fahmi in a written statement.

Looking at the conditions in the derivative market, Fahmi said that investors actually seemed to be anticipating a correction at the end of last week, but Bitcoin actually continued its positive trend and scored a new high.

"If this continues without a long consolidation situation, there is a possibility of a large rally at the end of this year as happened in 2017," he added.

However, Fahmi emphasized that investors still have to pay attention to the management and monitoring of their portfolios to maximize potential profits and mitigate risks.

With today's bullish market conditions, according to Fahmi, the risk/reward ratio is at a more profitable figure for investors in general.

"Therefore, it remains important for investors to conduct good research and analysis to choose assets with growth potential and risk levels that match their respective investment profiles," concluded Fahmi.