JAKARTA - Bitcoin touched the level of 123,218 US dollars or around Rp. 2 billion, before finally being corrected lightly to the range of 118,422 US dollars (Rp1.93 billion) on Thursday, July 17.
The surge in Bitcoin prices in the past week was triggered by significant inflows of funds into Bitcoin spot ETF products traded in the US.
Tokocrypto analyst Fyqieh Almuttaqin explained that the trend shows a fundamental shift in the market structure of Bitcoin.
"We are starting to see strong and sustainable institutional inflows, which are important foundations for long-term rallies," explained Fyqieh in a statement received by VOI.
According to him, in the near future, the direction of the Bitcoin price movement will depend heavily on the development of voting at the US Congress regarding draft crypto laws, US retail sales data, as well as the trend of the flow of funds to the Bitcoin spot ETF.
In the event of a setback in regulatory discussions at Congress, US retail sales showed a weakening, the Fed again voiced a hawkish-themed policy, and outflows from the ETF increased, then the price of Bitcoin could potentially experience a correction to the level of US$115,000 (Rp1.87 billion).
On the other hand, if bipartisan support for crypto regulation appears, US economic data shows strengthening, and the Fed says Dovish rhetoric is accompanied by a continuation of the flow into the ETF, then Bitcoin has the opportunity to go past its previous high price at 122,057 US dollars (Rp1.99 billion), even more.
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The combination of large funds and positive regulatory momentum can be fuel for Bitcoin to continue to climb. But on the other hand, negative signals can trigger rapid corrections in a short time," said Fyqieh.
Seeing this condition, many analysts estimate that Bitcoin has the opportunity to penetrate its next target price in the range of US$135,000 (Rp2.2 billion) to US$150,000 (Rp2.4 billion) in the next few months.
However, Fyqieh emphasized the importance of prudence in the midst of fluctuating market dynamics.
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