Bitcoin Analysis: Price Hasn't Breached $70,000, Deep Value Has an Effect?

Bittime - The price of Bitcoin (BTC) on Friday, March 8, 2024 is still at $67K with an increase of 0.90 percent in the last 24 hours. 

Meanwhile, the BTC IDR price according to data taken by Bittime trade is at Rp. 1,059,970,511 with an increase of 0.96 percent in the last 24 hours.

This is driven by several fundamental and technical factors. However, don't forget the influence of Deep Value which regulates Bitcoin (BTC) price fluctuations and corrections.

Deep Value

• One of the main factors driving price increases is Bitcoin's deep value . Deep value refers to Bitcoin's intrinsic value calculated based on various factors, such as its production costs, adoption rate, and utility.
• According to Glassnode analysis, Bitcoin's deep value is currently around $60,000, which means that the current price of BTC is still undervalued.
• This encourages long-term investors to buy Bitcoin, as they believe that the price of BTC will continue to rise in the long term.

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Fundamental Factors

• Adoption rate: More and more companies and institutions are starting to accept Bitcoin as payment and investment. For example, Tesla, MicroStrategy, and PayPal have invested in Bitcoin.
• Inflation: Rising global inflation concerns are driving investors to seek safe-haven assets like Bitcoin. Bitcoin is considered an inflation-resistant asset because its quantity is limited and cannot be manipulated by governments.
• Fiscal stimulus: Fiscal stimulus policies issued by governments around the world increase the money supply, which can boost the demand for Bitcoin.

Also Read How to Buy Crypto:

Technical Factors

• Breakout of the ascending triangle pattern: BTC price has broken out of the ascending triangle pattern, which is a bullish signal indicating that the price will continue to rise.
• High trading volume: Bitcoin trading volume has increased significantly in recent days, which shows that investor interest in BTC is growing.

However, some analysts warn that Bitcoin price may experience a correction in the near future.

• Macroeconomic risks: Global macroeconomic risks, such as inflation and interest rates, may put downward pressure on the price of Bitcoin.
• Regulation: Increasingly stringent regulations from governments around the world may hinder the growth of the Bitcoin market.

Despite this, Bitcoin's long-term outlook remains bullish.

• The next Bitcoin halving will occur in 2024, which could drive BTC prices higher.
• More institutional investors are starting to invest in Bitcoin, which could increase the demand and price of BTC.

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Conclusion

Bitcoin price has reached a new peak above $70,000, driven by a combination of fundamental and technical factors. While there are several risks to consider, Bitcoin's long-term outlook remains bullish.

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

Also read:

Tesla and SpaceX Own $1.3 Billion in Bitcoin, Will BTC Prices Continue to Rise?

BlackRock Buys Spot Bitcoin ETF for Its Global Allocation Fund: What Does It Mean?

Bitcoin (BTC) Price Predicted to Hit $70,000? Here's the analysis of the increase

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.