JAKARTA - After briefly perching at the level of 122,000 US dollars (Rp1.98 billion), Bitcoin (BTC) today was again sharply corrected to touch the level below 117.00 US dollars (Rp1.90 billion) which sparked market participants' concerns about the potential direction of the next trend.
According to Indodax, massive profit-taking from institutional investors is suspected to be the main trigger for this decline, although it is not accompanied by negative sentiment from the regulatory and macroeconomic side.
Bitcoin's decline also dragged Ethereum below the level of US$3,000 (Rp48.7 million), while other major capitalization altcoins experienced a 23% drop. Market pressure is still comprehensive, but it doesn't lead to panic selling.
Despite the corrected price, CryptoQuant Tarek J analyst and Greek.live cryoti analyst Adam considered that this decline was not caused by negative sentiment, but solely due to market natural liquidity.
The two analysts even saw that Bitcoin's next target would be in the range of US$130,000 or around Rp2.11 billion, provided macro sentiment supports it.
Indodax also launched where senior analyst Jeff May said that this pattern is similar to post-ATH consolidation in 2021 and 2017, which will lead Bitcoin to the next bullish phase.
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"We believe that Bitcoin's all-time high achievement is a strong signal that the crypto industry is on the verge of the next big bull run," Jeff said in May quoted from BitcoinInfoNews.
They assert that the decline in Bitcoin to this level is part of the market's natural cycle, not a sign of collapse. Profit-taking actually shows that many investors have scored money and still believe in BTC's long-term potential.
"However, investors are advised to continue to monitor the release of economic data and ETF movements in the next few days to measure potential for the next direction," concluded Indodax.
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