Bitcoin Touches New ATH Again, How's The Long-Term Reli?

Illustration of Bitcoin (photo: Pexels)

JAKARTA - Bitcoin touched the new All-Time-High (ATH) at 94,000 US dollars (Rp1.49 billion) in the early hours of the morning. Although currently, based on CoinMarketCap, Bitcoin is still consolidated at the level of 93,000 US dollars (Rp1.47 billion).

Responding to these conditions, Analyst Reku, Fahmi Almuttaqin, the optimism that has developed in recent days has shown great growth potential for Bitcoin.

"Bitcoin is likely to still print several new highest price levels from this point, given that the consolidation area is at a higher level than before," Fahmi said in a written statement on Wednesday, November 20.

However, Fahmi added, the strength of the Bitcoin rally will depend on where the price level will make the long term holder then begin to decide to sell, and the short term holder will begin to think twice about acquiring Bitcoin.

"Currently both of them have not seen any significant changes, although some long term holders have been seen starting to take profit-taking," he explained.

According to him, based on UTXO Age data from the IntoTheBlock analytic platform, the number of long-term and short-term Bitcoin holders has not changed much.

Short-term holders, who have been keeping Bitcoin for 3-6 months, are largely still maintaining their assets despite the rise in Bitcoin prices.

Meanwhile, some long-term holders, particularly those who have been keeping Bitcoin for 12-18 months, have started selling some for profit.

Therefore, Fahmi explained that in the midst of these positive potentials and corrections, investors need to monitor market conditions more carefully.

"It is important for investors to do good research and analysis to choose assets with growth potential and risk levels according to their respective investment profiles," he concluded.

As for investors who tend to prioritize the fundamentals of an asset, Fahmi advises you to be able to invest in crypto assets that have a large market capitalization and liquidity.