On December 20, 2024, the price of Bitcoin (BTC) experienced a significant decline, falling below the psychological level of US$100,000. According to CoinMarketCap data, BTC was trading at around US$97,670.83, recording a decline of 3.23% in the last 24 hours.
This decline occurred after the statement of the Chairman of the Federal Reserve (The Fed), Jerome Powell, who emphasized that the US central bank is not allowed to hold Bitcoin. This statement sparked concerns among investors, causing a sell-off in the crypto market.
Market analyst Justin Bennet warned that if Bitcoin fails to break through the US$102,000 level again, the price could fall further to US$85,000. However, Bennet remains optimistic that the Bitcoin bull market is not over yet, considering that a 20-30% correction is common in a bullish cycle.
On the other hand, several altcoins showed positive performance. For example, the price of Cortex (CTXC) jumped 32.81% in the last 24 hours, trading in the range of IDR6,063. In addition, Zerebro (ZEREBRO) and Movement (MOVE) rose 31.27% and 16.67% respectively.
Investors are advised to remain vigilant and consider the risks of investing in the highly volatile crypto market. In-depth analysis and a mature investment strategy are needed to deal with sharp price fluctuations.
