Bitcoin is once again capturing the attention of the global market after an influx of capital and strengthened investor sentiment over the past week. Several analysts believe that the price of the world's largest cryptocurrency could potentially break through 110,000 US dollars or equivalent to 1.81 billion Rupiah (exchange rate of 16,500 Rupiah) in the near future. According to Glassnode data, the Realized Cap of Bitcoin—the metric that measures the total value of BTC based on the last price at which coins changed hands—has increased by 30 billion US dollars since April 20. Currently, the Realized Cap stands at 900 billion US dollars or approximately 14.85 trillion Rupiah, growing three percent in just the month of May.
Bitcoin is also in a post-halving phase, which historically has been a trigger for long-term bullish trends. The last halving occurred in April 2024, and many analysts anticipate that this strengthening cycle will last until the end of 2025.