Rancakmedia.com – This weekend, Bitcoin price fell even further, confirming that the cryptocurrency digital currency is still in a bearish phase, see for full info below.
Bitcoin fell 5.41 percent to US$19.290 on Saturday (2/7/2022) at 07.50 WIB, according to Bisnis from CoinMarketCap.
Other cryptocurrencies, such as Ethereum (ETH), Solana (4,75%), and Binance Coin (BNB), all also declined in value, dropping from US$33.03 to US$216.84 and from US$216.84 to US$31.03.
According to Afid Sugiono, crypto market trading in general remained relatively stable during the previous week. The decline of Bitcoin is due to certain unfavorable perceptions.
Why is Bitcoin Cryptocurrency Price Still Dropping
The negativity 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 suggesting further rate hikes are imminent, keeping the crypto business in the dark.
It causes the price Bitcoins plummeted from the psychological threshold,” said Afid in his official statement, Saturday (2/7/2022).
Furthermore, investors are believed to be conservative in keeping crypto asset values above their support level. Afid's analysis, especially for Bitcoin, that there will be a trend to keep the price above the US$20,000 psychological milestone.
According to Afid, some experts believe that the negative trend is far from over. Recession fears are still hovering over investors.
As stock indexes 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 decrease. This increases the value of assets considered as hedges.
Afid noted that the movement of the crypto market is currently still in a bear market, so that the increase in bitcoin value 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.
Four Year Cycle Bitcoin Cryptocurrency Price
However, based on technical analysis, Indodax CEO Oscar Darmawan believes that the price of Bitcoin is currently falling, which is around Rp. 300 million, is still normal and is part of a four-year cycle that never happened before.
“After Bitcoin's all-time highs in 2013, 2017 and 2021, the year ahead will see a large drop in price followed by declines in other cryptocurrencies.” The downward trend was seen in 2014, 2018 and now in 2014," said Oscar in his statement in Jakarta, Saturday, as reported by Antara.
According to him, the four-year cycle is usually used by individuals to acquire and accumulate crypto assets. Because the price of other cryptocurrencies tends to decrease along with the price of Bitcoin.
Usually, the majority of cryptocurrencies will follow Bitcoin as the crypto asset with the highest market value. It is times like these that long-term traders acquire the crypto they want cheaply 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 on the rise.
Derivative tokens are tokens that move against the general cryptocurrency price. Derivative tokens such as Hedge and Bear, which increase in value when Bitcoin falls, or Ethedge and Bnbhedge, which increase in price 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 use good money management.
Oscar said 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 the support pattern, where the price of the crypto from the bottom being tracked will rise. Or the reverse pattern, called resistance, where the price will fall from its peak.
Investors need to know whether the candlestick means the price will go up or the price will go down. What is the difference between green and red candlesticks? How to spot trends using trendlines. “How are crypto price trends 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
President of El Salvador Nayib Bukele is back scooping Rp. 22.4 billion in bitcoins
El Salvador's President Nayib Bukele, who lost a lot of money by putting public money into Bitcoin, said Monday that he has spent another USD 1.5 million (around Rp. 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, prior to 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 valued at USD 43,719,000 yesterday when Bitcoin plunged to USD 19,000, which meant a loss of USD 60.2 million for the country. With the recent purchase, Bukele will have lowered the average price invested per Bitcoin from USD 45,171 to USD 44,219.
This means that Bitcoin must rise to USD 44,219 (over 100 percent) for Bukele to return the investment made on behalf of the country without receiving any profit.
Other long-term Bitcoin investors with a more bullish outlook have also adopted this tactic of hoarding Bitcoin after the sharp decline. Michael Saylor, CEO of MicroStrategy, has just announced a USD 10 million purchase of Bitcoin, bringing the total number of BTC in his company's bank account to 129,699 at an average price of USD 30,664.
The Price of Cryptocurrency Bitcoin (BTC) Can Still Fall Even Deeper
Before making a purchase decision, investors are still studying 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 yet to hit rock bottom.
“Bitcoin investors are still talking about buying at the bottom, indicating that they are still expecting a bottom to be reached soon.” “Bitcoin has yet to bottom out in a bear market at the moment, which is good news for investors,” said Mobius, as reported by Coingape.com, Thursday (23/6/2022).
Bitcoin is closely linked to US stock indexes, especially the Nasdaq 100. The price of Bitcoin and the crypto industry as a whole has been falling faster than US stocks since early May.
Mobius had something interesting to say: that Bitcoin would be a leading indicator when the stock market was 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 fell, and the Dow Jones fell. That's the pattern you get. This shows that Bitcoin is a leading indicator.
At the time of writing, according to coinmarketcap.com, 1 bitcoin (BTC) is worth around IDR 304.6 million, up nearly 1.22 percent over the previous day. Meanwhile, the 24-hour trading volume is 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 indexes, especially the Nasdaq 100. The price of Bitcoin has been falling 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.
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 also fallen in value.
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, which increase in value when Bitcoin falls, or Ethedge and Bnbhedge, which increase in price when Etherum and BNB fall, are all available for purchase. El Salvador's Bitcoin stock was valued at USD 43,719,000 yesterday when Bitcoin plunged to USD 19,000, which meant a loss of USD 60.2 million for the country.