Crypto Investors in Indonesia Continue to Grow, This is the Driving Factor

Previously it was reported that ahead of the halving, Bitcoin prices were facing liquidity at the USD 53,000 level in the middle of this week. The rejection of the increase triggered a sell-off that resulted in a deeper decline below USD 52,000, a level that became important for market players last weekend.

Tokocrypto trader Fyqieh Fachrur said Bitcoin barely stayed above USD 51,000 during the movement at the start of the third week of February 2024. Market players tend to see the USD 50,000 and USD 48,000 price levels as the next potential support areas. Moreover, the halving moment is getting closer in less than 60 days.

“The Bitcoin halving which is expected to occur between April 20-22 2024 will increasingly attract the attention of investors and traders. This halving event is known to have a significant impact on the supply of Bitcoin, where the reward for mining Bitcoin blocks will be halved. This is a mechanism that has been programmed to reduces Bitcoin's inflation rate and historically has triggered price increases,” said Fyqieh in an official statement, Thursday (22/2/2024).

Even so, Fyqieh believes that market players should be aware of the Bitcoin halving trend that has occurred repeatedly since 2009. In his notes, it is true that a significant price decline precedes each halving, thus opening up opportunities for the next market surge.

For example, in 2012, Bitcoin's dramatic price drop of 50.78 percent occurred just months before the halving. However, Bitcoin rose to new heights afterward. A similar pattern also occurred in 2016 and 2020, with a pre-halving correction of 40.37 percent and a sharp decline of 63.09 percent respectively, followed by a strong recovery after the halving.