Bitcoin Price Returns to IDR 1 Billion, Bright Future Potential?

Todaysgist.com, Jakarta Bitcoin recorded a price increase of more than 13 percent in the past week, touching USD 65,000 or equivalent to around IDR 1.05 billion (assuming an exchange rate of IDR 16,179 per US dollar). The increase marked Bitcoin's success in recovering after the correction that occurred since early June.

Responding to this, Reku Crypto Analyst, Fahmi Almuttaqin said that this situation indicated the potential for the start of a new rally in the market which could possibly be the beginning of a major rally in the current bullish phase.

“However, the market may need a new catalyst that is strong enough for the rally to occur. Because even though the selling pressure has eased, there has not been a significant increase in the number of large Bitcoin owners (whales),” Fahmi said in an official statement, quoted Wednesday (17/7/2024).

Fahmi explained that this can be seen in lookintobitcoin data where the number of wallets with balances above 1,000 Bitcoins is currently still lower by around 96 wallets compared to the figure on February 27, when the price of Bitcoin was at USD 57,000.

This indicates that whales who have been taking profits may not have reallocated their assets to Bitcoin.

“So that makes the defense of Bitcoin prices in the current market supported by fewer whales, which may hinder the rally that occurs if there is significant profit taking due to the price increase that occurs,” explained Fahmi.

Cautious Investment Behavior

Market players' understanding of the current situation, including understanding the situation of whales and the Fed's high interest rates, can create investment behavior that tends to be more cautious.

Fahmi said, this was reflected in the momentum when the German government wallet was seen making a large Bitcoin sales effort last week. Despite the positive catalyst from the development of US inflation, Bitcoin only experienced an increase after the Bitcoin balance in the German government wallet ran out.

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