Bitcoin Could Fall Deeper, But Will Come Back Stronger in 2024
Even though bitcoin is undergoing a correction, traders can still profit by buying coins that are opposite to bitcoin.
Crypto exchanges have been experiencing turbulence in recent times. The price of bitcoin which had touched a record high of US $ 69,000 (approximately Rp 1 billion) in November 2021, began to correct since the beginning of this year. On Friday (14/10), the price of bitcoin fell in the range of US $ 20,700 or around Rp. 300 million. "
According to predictions, bitcoin will crackle both ways (sideway) until the end of this year. In fact, it is possible for bitcoin to fall even deeper to the range of Rp. 150 million. Nevertheless, bitcoin is predicted to strengthen again in late 2023 or 2024.
"So now should be the right time to buy cheap,"
Not only about bitcoin, we talked about the prospects for local coins to the Indonesian government's plan to also establish a Crypto Futures Exchange.
What are the prospects for crypto in the future? What are the potential coins besides BTC? Crypto exchanges have experienced a significant decline in recent times, what really happened? If we talk about crypto, it's actually interesting when it goes up and down. If the crypto doesn't move, then there won't even be any tips for trading. When it comes to crypto [bitcoin], 2018 was the highest at IDR 250 million. But if we talk about the highest in 2020, it will be IDR 850 million. This is probably something I value very special, why? Because cryptocurrencies are highly volatile ups and downs, but usually never drop too far from the previous four-year high. This is what we call the quadrennial curve.
For example, what happened in 2013 was the highest BTC at a price of Rp. 16 million. In 2013-2017, it was actually not a smooth journey from Rp. 13 million to Rp. 250 million. His journey was from Rp. 13 million, he went up and then down again until finally bitcoin touched its highest at Rp. 250 million. In 2017-2020 the journey was also not smooth. Bitcoin first dropped from IDR 250 million. Only then did he rise again to IDR 850 million per BTC in 2020 yesterday. This will be the same later in 2020 to 2024. The journey later from Rp 850 million to the highest point will go down first. Yesterday, it was at Rp 250 million, which means that there is still a possibility that BTC can go down even further. Maybe, why not. Go down first, so that momentum builds up, before traveling to its highest point again. Because when we talk about BTC, we are talking about the ups and downs of a commodity based on demand and supply.
