Bitcoin Prices Continue to Fall, Until When?

Liputan6.com, Jakarta – The price of Bitcoin (BTC) continues to weaken in the last week. The price of the world's first crypto asset plunged below the level of USD 62,000 or around IDR 1.01 billion. This decline was triggered by various factors, such as the strengthening of the US dollar, outflows from spot Bitcoin ETFs, and the lack of stablecoin issuance.

Tokocrypto trader Fyqieh Fachrur said that Bitcoin selling pressure continues to increase due to various negative sentiments, including concerns about the Fed's high interest rates and the strength of the US dollar which reduces the appeal of crypto.

The Fed has signaled it will keep interest rates high for longer than expected, with only one rate cut possible this year if the US economy lives up to forecasts.

“Even though the 2024 Bitcoin halving cycle is different from previous cycles, where prices reached new record highs before, not after the halving, a lot of evidence shows that Bitcoin's most significant rise is still to come,” said Fyqieh in a written statement Sunday (30/6/2024 ).

Even though Bitcoin is experiencing pressure, altcoins, such as memecoins and AI (artificial intelligence) tokens have actually shown strength in the last week. This is likely due to investors looking for temporary alternatives amidst Bitcoin market uncertainty, the high growth potential of altcoins and memecoins, and technical patterns that signal a rebound opportunity.

Fyqieh explained that this movement shows the crypto market is in a consolidation phase. “Bitcoin's decline is natural in a long-term trend,” said Fyqieh.

“However, the strengthening of memecoins and AI tokens shows investor interest in alternatives beyond Bitcoin. This shows that the crypto market is not only dependent on one asset, and investors are starting to look for opportunities in other assets.”