Bitcoin Closes In March Positively, What Is Bitcoin Potential Ahead Of Halving?

Bitcoin price potential ahead of Halving (photo: Pixabay)

JAKARTA - Bitcoin managed to record a positive performance in March with it closing at a price of 71,333 US dollars (Rp1.13 billion) up 16.62 percent.

Just like Bitcoin, Ethereum (ETH) also closed positively at the level of US$3,647 or around Rp58 million, which means it rose by 9.40 percent.

The month of March also closed the first quarter of 2024 where Bitcoin closed up 68.68 percent and Ethereum closed up 59.66 percent.

"With the Bitcoin ETF approved on January 10, 2024, it has had a positive impact during the first quarter of this year to create access for new traditional investments into the crypto market," said Panji Yudha, Financial Expert.

This is evident with Bitcoin (BTC) successfully scoring a new high at 73,750 US dollars (Rp1.17 billion), exceeding the highest level in 2021 at the level of US$69,000 (Rp1.09 billion).

The crypto asset market will be in the spotlight in April as the Halving Bitcoin incident gets closer. According to the Bitcoin Halfing Countdown at Coinecko, BTC has 18 days or occurs around April 20, 2024.

According to Coinclass data, the average Bitcoin closed up 27 percent in the second quarter in the 2013-2023 period. So, Panji said it is likely that in the next few weeks Bitcoin will potentially drop towards its support area before closing bullish again at the end of the second quarter in June 2024.

Meanwhile, Bitcoin's year-end projection has the potential to be closed positively again above the US$73,000 (Rp1.16 billion) level seeing from what happened when it was held earlier in 2012, 2016, and 2020.