Bitcoin`s halving momentum is expected to occur more than a month into the future. Crypto experts estimate 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.
Quoting 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 the halving momentum. 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 out the common occurrence of founders and insiders propping 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.
Previously, the price of Bitcoin strengthened again until it touched USD 68,000 or the equivalent of IDR 1 billion (assuming an exchange rate of IDR 15,648 per US dollar) after the United States (US) central bank, The Federal Reserve (The Fed) again held the benchmark interest rate at the level of 5.25 -5.50% for the fifth time in a row. Reporting from Bitcoin.com, Thursday (21/3/2024), the Fed also emphasized that they would wait for more supporting data before cutting the benchmark interest rate. As is known, the price of Bitcoin was corrected to reach the level of USD 60,000 or the equivalent of IDR 938.7 billion after touching a new high of above USD 73,000 or the equivalent of IDR 1.14 billion on March 14 2024. Currently, the crypto market is busy with a trading volume of USD 207 billion or the equivalent of IDR 3,238 trillion, with BTC trading contributing USD 72.93 billion or the equivalent of IDR 1,141 trillion to this figure. Not far behind, USDC Circle ranked as the fourth most traded bitcoin pair, while the Korean won took fifth place, accounting for 3.36% of the day`s global transactions. The leading spot bitcoin exchanges based on volume are Binance,