Bitcoin (BTC) Price Prediction: It's Time for a 10% Correction

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Bittime -Bitcoin (BTC) is again showing its resilience and upward momentum. After breaking through the 10-day accumulation range, Bitcoin's value exceeded $55,000 or IDR 863,352,620. This is a significant milestone, the first time this has happened since its all-time high in November 2021, and marks another record moment in the cryptocurrency's journey.

Ethereum also joined the rally, surging 26.6% since its cycle low, while Bitcoin recorded a fantastic 256% rise from its cycle low.

Bitcoin (BTC) Sharp Rise, Will It Continue?

Amid these game-changing price moves, investors are wondering: what will happen next? Analyst Jason Pizzino investigates current market dynamics and potential resistance levels. After monitoring market trends for more than 18 months, Pizzino offers details on these volatile conditions.

He said that sometimes big changes in the market happen slowly. For example, in 2023, it will take seven months for things to build up before a major breakthrough occurs. Then, suddenly, Bitcoin's value surged to $55,000 overnight, breaking the barrier at $52,000. This $52,000 level comes from a peak in 2021.

After a rapid rise in December 2021, Bitcoin hovered around $52,000 and dropped to $48,000 before the situation calmed down. Now, Bitcoin is back at those levels, and aiming for even higher prices.

Bitcoin (BTC) Price Today

Source: Bittime.com

Today, February 28 2024, the price of Bitcoin (BTC) is IDR 909,010,233 per BTC . The 24-hour trading volume is IDR 1.32034 . BTC/USD prices are updated in real-time. Bitcoin has risen 3.61% in the last 24 hours , showing strong bullish momentum.

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Market Analysis: Factors Driving Bitcoin's (BTC) Rise

Bitcoin's rise above $55,000 and continuing to climb to $58,000 was driven by several factors, including:

• Increasing interest of institutional investors: More and more large companies and institutions are starting to invest in Bitcoin, such as MicroStrategy, Tesla, and Square. This increases demand and drives prices up.
• Wider adoption: Bitcoin is increasingly being used as a means of payment and investment. For example, PayPal allows its users to buy, sell, and hold Bitcoin, and El Salvador was the first country to adopt it as a legal means of payment.
• Inflation: Global inflation concerns are driving investors to look for safe-haven assets, and Bitcoin is considered one attractive option due to its decentralized and limited value.
• Fiscal stimulus: Fiscal stimulus policies launched by governments in various countries to address the impact of the COVID-19 pandemic increase the money supply, which may encourage investment in risky assets such as Bitcoin.
• Technological developments: Developments in blockchain technology and the Lightning Network increase Bitcoin's scalability and efficiency, making it more attractive to users and investors.

Bitcoin (BTC) Holders Believe the Price Increase Will Reach $60,000

Pizzino said that $60,000 is an important target that everyone is watching. However, in the past, when Bitcoin tried to cross $60,000, the cryptocurrency struggled and eventually fell after reaching $65,000. This makes $60,000 a critical target.

He further indicated that reaching around $62,700 would be another important milestone. This figure represents a doubling of the recent price increase from the bottom during the SEC crypto issue in September to the peak during the ETF excitement in January, followed by a decline.

One key aspect Pizzino highlighted was the performance of major indexes like the S&P 500, which showed positive improvements for November, December, January and February. Historically, such winning streaks are often followed by further upward momentum, with March typically maintaining a positive trend about 80% of the time.

Bitcoin's movement beyond $55,000 is certainly welcomed by investors. However, as stated by Pizzino, there is still uncertainty regarding the continuation of this upward trend. Investors need to continue to monitor market developments and carry out careful analysis before making investment decisions.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements of Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.