Bitcoin Price Still On Bullish Trend, There's An Opportunity To Level 100,000 US Dollars

Bitcoin price hike potential (photo: Pexels)

JAKARTA - Bitcoin had reached 93,265 US dollars (Rp1.48 billion) on Thursday, November 14, 2024 morning, before finally weakening again below 88,000 US dollars (Rp1.39 billion).

According to Tokocrypto trader Fyqieh Fachrur, the increase in US inflation usually encourages investors to switch to assets seen as hedges against inflation, such as bonds and US dollars (DXY) over crypto assets, such as Bitcoin.

However, amid higher inflationary data than expected, Fyqieh estimates Bitcoin could reach US$100,000, or around Rp1.58 billion in the near future.

Because according to him, technically, Bitcoin is currently in a very strong bullish trend. Thus, the potential price will increase, which is a great opportunity.

"We see a potential short-term price correction, but this could open up opportunities for investors to enter before the next big rally. The US$100,000 level is now a psychological target for many traders," added Fyqieh.

Additionally, the on-chain metric shows a bullish increase in Bitcoin, with open interest (OI) BTC rising 5.6% in the last 24 hours.

"This increase shows active participation from traders, which reinforces market optimism," explained Fyqieh.

Not only that, the long/short ratio of Bitcoin, which is at 1.02, also reflects positive sentiment among traders. Fyqieh warned that the Fed's aggressive policy could increase volatility in the crypto market.

According to him, US manufacturer price data and unemployment claims that will be released in the near future could affect demand for Bitcoin and ETH BTC spots in the US.

If the US producer price is lower than expected, investors may be more optimistic about the Fed's potential rate cuts in December, potentially driving BTC towards 100.000 US dollars. On the other hand, if the figure is higher than expected, this could trigger a profit-taking, "concluded Fyqieh.