Unveiling the Direction of Indonesia's Crypto Market After Bitcoin's Halvin

Jakarta - Following the conclusion of the Bitcoin Halving on April 22, 2024, the crypto market is facing new challenges and opportunities that are affecting the overall dynamics of digital trading.

It is noted that the price of Bitcoin (BTC) has recovered early this week, reaching USD 66,070, which was previously at USD 65,079 on Sunday (April 21). Overall, the market has responded positively to the Bitcoin Halving this year.

Upbit Indonesia's Chief Operation Officer, Resna Raniadi, stated that this year marks the fourth time the event has occurred. As a result, the market has anticipated this Halving better, with Bitcoin's price already entering a bull market cycle and reaching an all-time high (ATH) on March 14, 2024, even before the Halving took place.

This condition indicates that the market and investors have welcomed the Bitcoin Halving positively. Upbit also analyzed that several external factors are influencing the movement of Bitcoin's price after the Halving.

"The crypto market has experienced several volatilities in recent weeks, prompting a 'wait and see' behavior among investors. Not only that, macroeconomic conditions such as geopolitical tensions, the Federal Reserve's interest rate decisions, and the performance of Bitcoin ETF trading will also affect the volatility of Bitcoin's value in the coming months," Resna said in an official statement on Wednesday (May 1, 2024).

Opportunities After Bitcoin Halving

Although faced with challenges, the Bitcoin Halving also brings several opportunities for crypto market participants in Indonesia. One of these is the chance to acquire digital assets at lower prices over a long period.

"If targeted for long-term investment, this Halving can be a momentum to build a solid portfolio," Resna said.

Source: https://www.liputan6.com/