Less than a month before the halving, Bitcoin is predicted to reach IDR 1.5 billion

Liputan6.com, Jakarta – The Bitcoin halving momentum is estimated to occur no more than one month into the future. Crypto experts predict that the value of Bitcoin will still soar and reach USD 100,000 or the equivalent of IDR 1.5 trillion.

It is known that at the start of 2024, Bitcoin opened at around USD 42,208 and soared to a new all-time high of USD 73,737 on March 14, 2024. Even so, Bitcoin experienced a decline of around 16 percent from its highest value.

Quote Yahoo Finance, Sunday (24/3/2024), CEO of Jan3, Samson Mow estimates that there will be another increase in Bitcoin prices. He remains confident Bitcoin will surpass its previous high, stating it will likely reach USD 100,000 before momentum halving.

He attributed this prediction to heavy demand from exchange-traded funds (ETFs) consuming around 7,000 coins per day, highlighting the scarcity of available coins.

When asked about the relationship between Bitcoin and the broader crypto market, Mow believes Bitcoin will eventually separate from other cryptocurrencies due to massive inflows from ETFs.

“With daily inflows ranging from USD 500 million to USD 1 billion, Bitcoin benefits from a large capital pool that other cryptocurrencies do not have,” as quoted, Friday (22/3/2024).

While smaller cryptocurrencies may track Bitcoin's performance for a period of time due to their lower liquidity, Samson Mow believes they will eventually lose momentum and lag behind.

Mow also pointed to a common occurrence where founders and insiders prop up the price of other cryptocurrencies before ultimately buying Bitcoin, leaving retail buyers in control.

The Bitcoin halving is expected to occur on April 20, 2024, about one month from now. Historically, the price of Bitcoin often increases significantly after a halving.

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