Bitcoin Cryptocurrency Price Drops Again

Rancakmedia.com – This weekend, Bitcoin prices fell further, confirming that the digital cryptocurrency is still in a bearish phase, see for complete information below.

Bitcoin fell 5.41 percent to US$19,290 on Saturday (2/7/2022) at 07.50 WIB, according to Business from CoinMarketCap.

Other cryptocurrencies, such as Ethereum (ETH), Solana (4,75%), and Binance Coin (BNB), all fell in value as well, dropping from US$33.03 to US$216.84 and from US$216.84 to US$31.03.

According to Afid Sugiono, market trading crypto generally remained relatively stable over the previous week. Bitcoin's decline was caused by certain unfavorable perceptions.

Why Bitcoin Cryptocurrency Prices Are Still Falling

The negative stance stems from news that crypto hedge fund Three Arrows Capital will be forced to sell its holdings, as well as recent statements from central bankers indicating further interest rate hikes are imminent, keeping crypto businesses in the dark.

That drives prices Bitcoin plummets from his psychological threshold," said Afid in his official statement, Saturday (2/7/2022).

Furthermore, investors are believed to be conservative in keeping the value of crypto assets above their support levels. Afid's analysis, especially for Bitcoin, is that there will be a trend to maintain the price above the psychological milestone of US$20,000.

According to Afid, several experts believe that the negative trend is far from over. Recession fears still hover over investors.

As stock indices in the United States continue to fall, investor risk aversion is spreading to the crypto market. In principle, a recession will occur and the value of the US dollar will fall. This increases the value of the asset considered as a hedge.

Afid noted that the current crypto market movement is still in a bear market period, so the increase in the value of Bitcoin will not last long.

“Bitcoin may return to sub-US$20,000 territory or possibly further, given the very shaky state of the market,” he warned.

Bitcoin Cryptocurrency Price Four Year Cycle

However, based on technical analysis, Indodax CEO Oscar Darmawan assesses that the price of Bitcoin is currently falling, namely around Rp. 300 million, is still normal and is part of the four-year cycle that has occurred before.

“After Bitcoin's all-time highs in 2013, 2017 and 2021, next year will see a major price drop followed by another cryptocurrency downturn.” "The downward trend was seen in 2014, 2018 and now 2014," said Oscar in his statement in Jakarta, Saturday, as reported by Antara.

According to him, a four-year cycle is typically used by individuals to acquire and accumulate crypto assets. Because the prices of other cryptocurrencies tend to decrease along with the price of Bitcoin.

Typically, the majority of cryptocurrencies will follow Bitcoin as the crypto asset with the highest market value. "It's at times like these that long-term traders acquire the crypto they want at cheap prices and use it to build a crypto portfolio," added Oskar.

At Indodax itself there are more than 200 types of crypto assets, and not all of them have fallen like Bitcoin. Various types of crypto assets, such as derivative tokens, are also increasing.

Derivative tokens are tokens that move against the price of cryptocurrency in general. Derivative tokens such as Hedge and Bear, whose value rises when Bitcoin falls, or Ethedge and Bnbhedge, whose price rises when Ethereum and BNB fall, are all offered by Indodax for users to purchase.

Short-term traders can use derivative tokens to make money even when the market is down. He also said that traders or investors need to know how important technical analysis is and using good money management.

Oscar says that technical analysis is a way to predict how prices will change in the future by looking at how they have changed in the past.

A simple technique is a support pattern, where the price of the crypto from the bottom being tracked will rise. Or the opposite pattern, called resistance, where the price will fall from its peak.

Investors need to know whether a candlestick means prices will rise or prices will fall. What is the difference between green and red candlesticks? How to see trends using trend lines. “What are the trends in crypto prices and so on?” asked Oskar.

He said new investors can learn technical analysis strategies for Bitcoin and other cryptocurrencies on the internet, such as on the Indodax website

El Salvador President Nayib Bukele Returns IDR 22.4 Billion in Bitcoin

El Salvador President Nayib Bukele, who lost a lot of money by putting public money into Bitcoin, said on Monday that he had spent another USD 1.5 million (around IDR 22.4 billion) to buy 80 BTC for USD 19,000.

He didn't seem to care that he had lost a lot of money. For a total of $19,000, El Salvador bought 80 bitcoins. Bukele commented in a tweet on Tuesday (5/7/2022), reported by Decrypt, “Bitcoin is the future. Thank you for selling it cheaply.”

According to his own tweet, before the current disclosure, Bukele had paid around USD 104 million to acquire 2,301 bitcoins at an average price of USD 45,171.

El Salvador's Bitcoin stock was worth USD 43,719,000 yesterday when Bitcoin fell to USD 19,000, which meant a loss of USD 60.2 million for the country. With this recent purchase, Bukele will reduce the average price invested per Bitcoin from USD 45,171 to USD 44,219.

This means that Bitcoin would have to rise to USD 44,219 (more than 100 percent) for Bukele to return the investment made on behalf of the country without receiving any profits.

Other long-term Bitcoin investors with a more bullish outlook have also adopted this tactic of hoarding Bitcoin after sharp declines. Michael Saylor, CEO of MicroStrategy, has just announced the purchase of USD 10 million worth of Bitcoin, bringing the total amount of BTC in his company's bank account to 129,699 with an average price of USD 30,664.

Bitcoin (BTC) Cryptocurrency Price Could Still Fall Further

Before making a purchasing decision, investors still study the evolution of the value or price of Bitcoin (BTC).
Even though its value has fallen relatively far, experts think that Bitcoin (BTC) still has a chance to fall further.

Mark Mobius, who is one of the most famous investors, thinks that Bitcoin has not yet bottomed out.
“Bitcoin investors are still talking about buying at the bottom, which suggests that they still hope the bottom will be reached soon.” “Bitcoin has not bottomed out in the current bear market, which is good news for investors,” said Mobius, as reported by Coingape.com, Thursday (23/6/2022).

Bitcoin is closely tied to US stock indices, especially the Nasdaq 100. The price of Bitcoin and the crypto industry as a whole has fallen faster than US stocks since the start of May.

Mobius said something interesting: that Bitcoin will be a leading indicator when the stock market goes down, and he urged people new to the stock market to turn their attention to cryptocurrencies.

“Investor sentiment is reflected in cryptocurrency prices. The next day, Bitcoin went down, and the Dow Jones went down. That's the pattern you get. This shows that Bitcoin is a leading indicator.

At the time of this writing, according to coinmarketcap.com, 1 bitcoin (BTC) is worth around IDR 304.6 million, up almost 1.22 percent compared to the previous day. Meanwhile, its 24-hour trading volume was around IDR 432.8 trillion, an increase of 1.61 percentage points.

The average price invested per Bitcoin will decrease from USD 45,171 to USD 44,219. Bitcoin is closely linked to US stock indices, especially the Nasdaq 100. Bitcoin prices have fallen faster than US stocks since early May. 1 Bitcoin (BTC) is worth around IDR 304.6 million, an increase of almost 1.22 percent compared to the previous day.

Conclusion

Bitcoin price fell 5.41 percent to US$19,290 on Saturday (2/7/2022) at 07.50 WIB. Other cryptocurrencies, such as ETH, Solana and Binance Coin, have all fallen in value as well.

Cryptocurrency prices others tend to decline along with Bitcoin prices, according to Oscar, co-founder of Indodax, a Jakarta-based crypto trading platform for individuals and businesses looking to acquire and accumulate crypto assets.

Derivative tokens such as Hedge and Bear, whose value rises when Bitcoin falls, or Ethedge and Bnbhedge, whose price rises when Etherum and BNB fall, are all available for purchase. El Salvador's Bitcoin stock was worth USD 43,719,000 yesterday when Bitcoin fell to USD 19,000, which meant a loss of USD 60.2 million for the country.