Bittime - Bitcoin $108K breaks new 2x ATH in 24 hours! BTC experienced a dramatic price spike and was at an all-time high.
Bitcoin has made history again by reaching a new all-time high (ATH). After reaching $108,135 (around Rp. 1.74 billion) on December 17, 2024, BTC broke the record again in less than 24 hours.
After Breaking The ATH, Bitcoin Suffers A Price Correction
Sumber: Coinmarketcap
Even though it had risen sharply, the price of Bitcoin immediately fell by almost $2,000 (around Rp. 32.2 million) in a matter of minutes. These price fluctuations show the very high volatility of the crypto market, which is increasingly attracting the attention of investors around the world.
This Bitcoin price achievement occurred after several weeks of strengthening which led the BTC price to penetrate the psychological level of $100,000 (around Rp. 1.61 billion) at the beginning of December.
However, shortly after reaching $108,000, Bitcoin experienced a sharp decline, again touching around $106,000 (around Rp. 1.71 billion), triggering warnings from a number of analysts who were worried that the price would experience a deeper correction.
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Bitcoin Market Volatility and Its Impact
This very rapid increase in Bitcoin prices caused significant fluctuations in the market. Data from CoinGecko shows that BTC was at its highest level of $108,135 (around Rp. 1.74 billion), before finally falling back to around $107,020 (around Rp. 1.72 billion).
Even though the price in the last 24 hours only rose about 0.3%, Bitcoin still performed very impressively in the past week with an increase of almost 12%.
Analysts warn that this high volatility may signal a deeper correction in the near future. Some analysts argue that currently Bitcoin is in the 'price discovery' phase, and needs to be careful with the potential for correction.
One of them is Rekt Capital, which stated that BTC often experiences significant declines after reaching peaks in the price cycle, referring to the pattern of price declines that occurred in 2013, 2017 and 2021.
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The Desire to Hedging in the Midst of Price Surge
Meanwhile, even though Bitcoin recorded a new price record, the options market showed a tendency to buy more put options than call options. This indicates that many investors prefer to protect themselves from potential price declines rather than chase further gains.
QCP Capital, a leading trading firm, noted that although Bitcoin spot prices continue to print new ATHs, the options market shows a preference for acting cautiously and hedging.
The analyst also cautioned that although Bitcoin still has the potential to continue its long-term rise, the correction that followed this price spike is not surprising. "It's important to be prepared for a correction that could wipe out the price gains of the last few weeks," said Josh Rager, a popular trader.
The Increasing Role of Institutions and Adoption
Summer: Over
Apart from the surge in Bitcoin prices, one factor driving market optimism is the increase in crypto adoption by large institutions. In the United States, the introduction of Bitcoin ETF products traded on stock exchanges has also attracted investor attention.
On Monday, more than $600 million (around IDR 9.66 trillion) was invested into 10 Bitcoin ETF funds listed on US stock exchanges, showing huge interest in this digital asset.
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Conclusion
Despite the price correction after reaching the ATH, many analysts remain optimistic that Bitcoin price has the potential to continue increasing in the long term.
"The market is currently very volatile, but we are seeing a pattern similar to previous cycles, where BTC is likely to continue its upward trend in the coming months," said several market observers.
However, for investors, it is important to remain alert to the possibility of a deeper price correction in the near future. With high volatility, it is highly recommended to manage risk carefully and not rush into making investment decisions.
With the price of Bitcoin having crossed the $108,000 mark (around IDR 1.74 billion), crypto observers and investors are now turning their attention to further developments in this market.
All eyes are now on whether Bitcoin will continue to extend its price streak or face a major correction that is expected to occur in the near future.
FAQs About Bitcoin
What is Bitcoin?
Bitcoin is a consensus network that enables new payment systems and completely digital money. Bitcoin is the first decentralized peer-to-peer payment network supported by its users without a central authority or intermediary.
Who Controls the Bitcoin Network?
No one owns the Bitcoin network just as no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. Even though developers develop software, they cannot force changes to the Bitcoin protocol because all users are free to choose the software and version they use.
How Does Bitcoin Work?
From a user's perspective, Bitcoin is nothing more than a mobile application or computer program that provides a personal Bitcoin wallet and allows users to send and receive bitcoins. This is how Bitcoin works for most users.
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Reference
Cointelegraph, Bitcoin $108K all-time high lasts seconds as BTC price dives 2.4%, accessed December 18, 2024.
Decrypt, Bitcoin Marks New All-Time High Price Above $108K as XRP Jumps, accessed December 18, 2024.
coinmarketcap, Bitcoin Coinmarketcap, accessed December 18, 2024.
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