Bitcoin Returns To 108,000 US Dollars, US Inflation Data Wait Market

Bitcoin illustration (photo: Unsplash)

JAKARTA - In the last 24 hours, Bitcoin (BTC) has increased by +1.15% perched at 108.040 US dollars (Rp1.79 billion), after previously falling to around US$103,000 (Rp1.7 billion), as a result, the tension of the US-China trade war increased.

The Financial Expert Ajaib, Panji Yudha, said that this week, the crypto market is preparing for a reaction from an upcoming United States (US) inflation report.

"The Labor Statistics Bureau (BLS) has confirmed that it will release this report, even though the US is experiencing a government shutdown which is the third-longest shutdown in the country's history," Panji said in a statement.

He also stated that economists estimate that the main Consumer Price Index (CPI) report, which will be released on September 24, will show an increase in inflation from 2.9% in August to 3.1% in September.

In theory, Panji explained, the crypto market is likely to continue its downward trend if the reported inflation rate turns out to be higher than expected.

"On the other hand, the inflation rate, which is much lower than expected to reduce pressure on the crypto market, is also important ahead of the Federal Reserve (The Fed) ahead of next week's FOMC," he said.

Today, Panji predicts that Bitcoin has the potential to move around $108,000 - 110,000 US dollars (IDR 1.79 - IDR 1.82 billion). Meanwhile, Ethereum has the potential to move around 3,900 - 4,200 US dollars (IDR 64.6 - IDR 69.6 million).