Bitcoin Predicted to Touch IDR 1.5 Billion Before Halving

Liputan6.com, Jakarta – The recent rise in Bitcoin prices prompted many analysts to predict how far Bitcoin could soar. Several analysts are now targeting USD 100,000 or the equivalent of IDR 1.5 billion (assuming an exchange rate of IDR 15,493 per US dollar) as the next bitcoin level.

Previously, Bitcoin reached USD 72,000 or around Rp. 1.11 billion for the first time in its history.

Research director at digital asset manager 3iQ Corp, Mark Connors said he believes Bitcoin will likely reach USD 100,000 before the next halving event which is expected to occur on or around April 20.

“This is the first time in the history of bitcoin that the crypto has reached an all-time high in one year before halving,” Connors said as quoted by Yahoo FinanceTuesday (12/3/2024).

This does not include bitcoin's first halving in 2012, when crypto trading was at a very early stage. To date, bitcoin has experienced three halving events.

Halving is a mechanism in the Bitcoin blockchain algorithm to control the supply of coins, which has a limit of 21 million. At the halving, bitcoin mining rewards are cut in half, meaning miners will receive 50% fewer tokens for verifying transactions.

Halving is scheduled to occur after every 210,000 blocks mined or every four years until the maximum supply of bitcoin is released.

“Bitcoin rallied before the halving this year because we are now in a demand shock, whereas everything that happened before was about a supply shock,” Connors explained.

The investor base for bitcoin has expanded since bitcoin ETFs began trading on January 11.

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