Crazy, Bitcoin Breaks New ATH Again at 93K per Coin!

Bitcoin has again set a record high. (Photo; Doc. FXDaily)

JAKARTA - On Wednesday, at 11:20 p.m. Western Indonesian Time (WIB) last night, Bitcoin recorded its all-time high (ATH) at the level of 93,434 thousand US dollars or equivalent to IDR 1.47 billion per coin. This increase was driven by the policy of the newly elected US President, Donald Trump, who is committed to relaxing crypto regulations.

This policy has increased public optimism in the crypto market. Bitcoin's recent ATH achievement has made investors believe that the price of Bitcoin could reach 100,000 US dollars (IDR 1.5 billion) in the near future. The skyrocketing price of Bitcoin has become a hot topic on social media, but analysts warn that price spikes accompanied by public euphoria are often followed by short-term corrections.

Market analytics platform, Santiment, warns that increased activity on social media can be an indicator of price corrections. According to them, discussions on social media often indicate high interest from retail investors, which is usually followed by a price drop when large investors start taking profits.

Bitcoin's "Fear and Greed" index is currently at 88, indicating the market psychology level is in the "extreme greed" phase. This level last occurred in March. The Fear and Greed Index measures market sentiment from "extreme fear" to "extreme greed," and high numbers like this often reflect the "FOMO" phenomenon or fear of missing out among retail investors.

Santiment suggests experienced investors consider a “counter-trading” strategy, which is taking a move that goes against market sentiment. When social media is filled with optimism about Bitcoin reaching $100,000, experienced investors may choose to sell or at least refrain from buying. Conversely, when the market shows signs of a downturn, they see this as an opportunity to buy at a low price.

At the time of writing, the price of Bitcoin (BTC) was trading at Rp1.45 billion per coin with a price increase of 5.9% in the last 24 hours. Meanwhile, in the past week, the price of Bitcoin has increased by 23.5% based on data from CoinGecko, Thursday, November 14, 2024.