Bisnis.comJAKARTA – Price Bitcoin potentially targeting US$52,000 after breaking US$50,000 as investors wait for data US inflation which is taken into consideration The Fed’s policy.
The price of Bitcoin (BTC) has reached US$50,000 for the first time since December 2021. BTC is up more than 15% over the last 7 days and has increased by 17.40% since February 1, 2024.
Meanwhile, Bitcoin’s market capitalization is also approaching US$1 trillion, currently at US$980 billion, which is up more than 130% compared to February 2023 at US$415 billion.
On Tuesday (13/2) morning at 08.00 WIB, BTC was at the level of US$50,154, up around 4.15% in the last 24 hours. Meanwhile, the total market capitalization of Crypto Assets is at US$1,828 trillion, an increase of 3.69% in the last 24 hours.
The strengthening of Bitcoin certainly has a positive impact on other altcoins, including Ethereum (ETH) which shot up 6.56% in the last 24 hours to move at $2,668 and rose by 15.81% in the last 7 day period.
After last week, developers (developer) Ethereum announced the date upgrade Dencun ke mainnet (mainnet) ethereum on March 13, 2024.
Causes of Bitcoin Rising
One of the reasons why BTC has strengthened over the last week is outflows (outflow) slowdown from GBTC Grayscale recorded its lowest outflow of US$51.8 million out of the ETF on February 9, marking a 91% decline from the record daily outflow of US$620 million on January 23.
Meanwhile, the new United States Bitcoin Spot ETF generated net inflows of US$541 million on February 9, marking the largest day of inflows for the product, excluding the first day of trading, according to data from crypto analysis platform SoSoValue.
Financial Expert Ajaib Crypto Panji Yudha, explained technically, Tuesday (13/2/2024) at 08:00 WIB BTC was perched at US$50,154. Currently, the $50,000 level will become psychological support and if it is able to stay at that level there is potential for a further rally to US$52,000.
“Meanwhile, if it falls below $50,000, there is potential for a decline to the nearest support at 48,000. We hope to anticipate changes in the short-term trend because this week there will be the release of US inflation data,” he explained in a research publication.
In the long term Bitcoin will still bullish see various positive sentiments, such as Bitcoin halving which will happen in April 2024. Bitcoin halving will have an impact on the supply of Bitcoin entering the market.
As an illustration, after halving third in 2020 only 900 newly mined bitcoins entered the market each day which will soon drop to 450 bitcoins per day when halving Bitcoin happened in April.
Efek The Fed ke Bitcoin Cs
This week, the crypto market is preparing to face important data such as this week’s CPI and PPI, the results of which can potentially have an impact on Bitcoin and altcoins. Market participants have lowered expectations for an interest rate cut in March.
However, the Federal Reserve is considering postponing the cuts until May-June for unavoidable reasons. Apart from that, data on Tuesday will be crucial in shaping market sentiment.
The United States Consumer Price Index (CPI) released on Tuesday (13/2) is expected to rise by 0.2% in January, consistent with December’s increase. Additionally, Core CPI, which excludes volatile food and energy prices, is expected to rise by 0.3% in January, mirroring December’s rise.
Meanwhile, year-on-year, the CPI is projected to rise by 2.9% in January, slightly lower than December’s 3.4%. Meanwhile, Core CPI is expected to increase to 3.7% YoY, down from 3.9% in December.
Zoom in
On the other hand, the United States producer price index (PPI) released Friday (16/2) is predicted to be 0.7% YoY, lower than the previous period of 1.0%. Meanwhile, Core PPI is expected to increase to 1.60% YoY, down from 1.8% in December.
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“Ahead of the release of data regarding inflation or monetary policy often influences the movement of crypto assets. Including this week’s important data CPI and PPI, if the figures are in line with market expectations or lower then it has the potential to have a positive impact on the crypto market. “Meanwhile, if the results are above market expectations, there is potential for pressure in the short term,” said Panji.
Panji said market players were waiting for guidance from Fed officials regarding the Federal Reserve’s decision to cut interest rates in the May-June period. With the expectation of interest rate cuts, crypto prices may experience increased volatility as a result of changing macroeconomic trends.
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