Prediction of a decline in the price of Bitcoin is only temporary and will increase in the near future

Rancakmedia.comBitcoin price drop still trending over the past week and predicting a drop in the bitcoin price below the level of US$60,000 per BTC. According to Coinmarketcap.com, bitcoin had lost 10.37 percent in the previous seven days.

Most recently, on Wednesday (17/11), At 16.00 WIB, bitcoin was trading at US$59,482.78 per BTC, down 2.84 percent compared to the previous 24 hours.

Christopher Tahir, co-founder of CryptoWatch and Smart Money Channel Manager, believes that the depreciation of the rupiah was triggered by fears perpetrated by an individual who claims to be the founder of bitcoin named Bright Wright. This guy says he has 1 million BTC purportedly belonging to Satoshi Nakamoto.

“Of course, if this is true, it may be a negative sentiment. However, no one has been able to make this kind of confession," Christopher told Kontan.co.id, Wednesday (11/17).

Meanwhile, according to CoinDesk, QCP Capital said in a market update that US President Joe Biden's signing of the Infrastructure Act this week, which includes controversial crypto tax reporting requirements, is negative sentiment for bitcoin.

Bitcoin Price Prediction Will Reach 100 Thousand US Dollars

Additionally, there was a dip in excitement following last weekend's Taproot update to the bitcoin blockchain, the network's first significant upgrade in four years.

“Some optimism is emerging that Taproot will be a catalyst for price increases. However, the lack of response resulted in the buy impact becoming hearsay, and the sell effect becoming the truth,” according to QCP Capital.

However, Christopher felt that this weakening was only temporary. According to him, a reasonable price target for bitcoin is between US$ 57,500 to US$ 58,300. He noted that if the plaintiffs' guarantees are not set, bitcoin has the potential to go up again.

In addition, he sees the sentiment from Bitcoin Futures Exchange Traded Funds (ETFs) in the United States, which are expressed by many companies, can act as a positive trigger.

According to his estimates, the support level mentioned above will provide a solid basis for bitcoin to continue its advance. Meanwhile, resistance is at US$ 63,500, with the next target if the price breaks all levels, it is in the US$ 77,000 area.

Bitcoin Price Prediction Will Reach 100 Thousand US Dollars

Bitcoin is now trading at $61.585, percent from 6.6% during the previous 24 hours. Meanwhile, Ethereum (ETH) was trading at a much more stable US$4.700 before dropping to US$4.300. Indeed, ETH address activity jumped by around 50% in October, indicating significant interest for this kind of cryptocurrency smart contract.

Market investors are expected to wait for the optimal time to initiate a new price hike, while others believe BTC will face a significant downside in the near future. Crypto Birb, a certified technical analyst, points out that if BTC is trading above its 50-week moving average, it can only count.

“I believe Bitcoin will reach $100,000 in the next few weeks. I am serious; we are about to witness something revolutionary,” said Crypto Birb as reported by Blockchainmedia.

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