Continuing to Strengthen, Bitcoin Price Reaches IDR 1$ Billion .
Even though the price of bitcoin is approaching its all-time high, some analysts still predict further increases. “We haven't even begun to reach the level that is possible to achieve,” said head of corporate research at Galaxy Alex Thorn as reported by Coindesk.com, Friday (1/3/2024).
He argues, US spot bitcoin ETFs are a game changer, providing for BTC's steady and recently increasing demand. Meanwhile, about 75 percent of the Bitcoin supply is owned by long-term holders, who have so far been unwilling to sell at current price levels.
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Crypto analyst Swissblock also assesses that the volume of on-chain transactions on the Bitcoin network and retail interest in crypto are still far from the levels experienced during the previous peak. The analyst estimates that Bitcoin's current uptrend is only the beginning of what is to come.
“Sustained buying pressure and strong bullish signals from oscillators and moving averages suggest BTC is poised to resume upward momentum,” he said.
However, they urge you to be careful and not rush into the market at this time.
