Bitcoin Price Corrected, But Prospects Of IDR 1.58 Billion Still Wide Open

Illustration of Bitcoin (photo: Pexels)

JAKARTA - After several times reaching All-Time High (ATH) at 99,500 US dollars (Rp1.57 billion), Bitcoin was monitored to be corrected. Launching CoinMarketCap, the price of Bitcoin is currently at the level of 96,000 US dollars (Rp1.52 billion).

Responding to this condition, a crypto analyst from Reku, Fahmi Almuttaqin said that the prospects for bitcoin to penetrate the level of US$100,000 (Rp1.58 billion) in the remainder of this year are still open.

"Considering the trend of institutional investors' adoption that has the potential to grow, especially if companies like Microsoft then decide to participate in adopting Bitcoin," explained Fahmi in a written statement quoted on Sunday, December 1.

So far, Reku noted that Bitcoin's performance in November rose by around 36 percent. This increase is also the fourth highest price increase performance in November 2013 with 449 percent, 2017 with 53 percent, and 2020 with 43 percent.

U.S. election events and continued trends of lower interest rates play an important role regarding Bitcoin's performance this month in addition to market conditions whose large cycles have entered the main rally period in the existing bullish cycle," he added.

According to him, when viewed, 2013, 2017, and 2020 are the years in which the main bullish phase rally in the crypto market began to occur. This means that Fahmi added, there is great potential for the possibility of continuing the increase in the price of Bitcoin from the current level.

In a longer timeframe, the existing bullish trend still looks solid. Nevertheless, Fahmi emphasized that the signal formed was still quite early and could potentially change.

"The corrected price of Bitcoin as it is today can be a potential for investors to explore the crypto market in order to look for growth opportunities for a longer period of time," he said.

Reku advises novice investors to invest in large-market capitalized crypto assets such as Bitcoin, Ethereum, and others that have large and relatively safer liquidity.