Bitcoin Continues to Weaken to IDR 1.7 Billion, Analysts Reveal the Reasons

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JAKARTA - Bitcoin continues to experience pressure, falling more than 8.21% in the past week, to a level of 104,000 (Rp1.73 billion) on Tuesday, November 4, and falling again to 102,000 US dollars (Rp1.7 billion) on Wednesday, November 5.

Meanwhile, several altcoins—particularly AI and RWA—have begun to show more stable price performance. However, several of the largest altcoins, such as ETH, XRP, BNB, SOL, LINK, DOGE, and HYPE, have all plummeted by more than 5% in the past 24 hours.

Responding to this situation, Reku analyst Fahmi Almuttaqin assessed that this decline was due to increasingly tight market liquidity amidst growing risk-off sentiment following the Fed's statement regarding the uncertainty of an interest rate cut in December.

"With the combination of tight liquidity and macroeconomic turmoil, especially amidst the US government shutdown, Bitcoin, as a risk-on asset, is experiencing quite serious pressure," Fahmi explained. his statement.

According to Fahmi, Bitcoin is currently entering the early distribution zone of its medium-term cycle, where investors are realizing profits amidst increasing uncertainty going forward.

Although this condition does not yet indicate that the cycle's peak price level has been reached, and the potential for further upside is still very open, according to Fahmi, conservative investors may prefer to secure their positions while waiting for clarity.

Despite the price decline, Fahmi sees several indicators that indicate Bitcoin remains a promising asset for medium- to long-term investors.

"This is supported by the accumulation trend and the narrative of institutional asset reserves that remains strong," he explained.

Meanwhile, for traders or investors looking to enter the crypto market now to capitalize on a potential rebound, this situation could be an attractive prospect, albeit with quite high risks.