Bitcoin Records 13 Percent Price Increase in a Week, Analyst Says New Rally May Start

After being below $60,000 (Rp970 million), Bitcoin recorded a price increase of more than 13 percent in the past week.

After being below US$60,000 (Rp970 million), Bitcoin recorded a price increase of more than 13 percent in the past week, touching the figure of US$65,000 thousand or equivalent to Rp1.05 billion.

In response to this, Crypto Analyst Reku, Fahmi Almuttaqin, said the situation indicates the potential for a new rally to start in the market, which may be the beginning of the main rally in the bullish phase that is currently taking place.

In addition, Fahmi also mentioned that the increase marked the success of Bitcoin to make a post-correction recovery that had occurred since early June.

However, he added, 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 been no significant increase in the number of Bitcoin owners.

This can be seen in datatobitcoin.com, where the number of wallets with balances above 1,000 Bitcoins is currently still lower by around 96 wallets compared to the figure on 27 February, when the price of Bitcoin was at 57,000 US dollars (Rp922 million), "he explained.

Thus, this fact indicates that the whales who have taken profit-taking may not have returned to allocate their assets in Bitcoin.

"So that the current Bitcoin price defense in the market is supported by fewer whales, which may hinder the rally that occurs if there is a significant profit-taking action due to the increase in prices," continued Fahmi.

According to him, understanding market participants into the current situation, including an understanding of the whales situation and the Fed's high interest rate, can create investment behaviors that tend to be more careful.

One of these is also reflected in the momentum when the German government wallet was seen making efforts to sell large amounts of Bitcoin last week. Although there is a positive catalyst for the development of US inflation, Bitcoin has only increased after the Bitcoin balance on the German government wallet expired," he continued.

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