Bittime - Bitcoin (BTC) price has slumped below $62,000, marking a sharp drop of more than $11,000 in just five days. This increasing selling pressure is fueling concerns among investors although some analysts remain optimistic about Bitcoin's long-term prospects.
Correction in the Middle of a Bullish Trend?
Despite the decline, some market players believe that Bitcoin is still in the midst of a larger bullish trend. They drew parallels to Bitcoin's rally in 2017, which also experienced major fluctuations. The current correction, predicted by many analysts, has the potential to push further declines to 10% to 12%.
Check Today's Crypto Market:
| BTC/IDR | SOL/IDR |
| ETH/IDR | USDT/IDR |
| DOGE/IDR | ARB/IDR |
On-Chain Analysis Offers Hope
On-chain data, as measured by the “realized cap” of Bitcoin's four age groups, shows some similarities to historical trends. The "realized cap" is calculated based on the price when each UTXO (unspent transaction output) was last moved.
According to CryptoQuant, this data suggests that the Bitcoin market may be experiencing short-term "overheating", and retail investors have not yet fully entered the market. This could be an indication that the rally has not yet reached its cycle peak.
BTC Price Today
Source: Bittime
Based on the Bittime market today, March 20 2024, the price of BTC was observed to have decreased by 5.37 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 991,506,656 .
Also Read How to Buy Crypto:
Bitcoin Macro Indicators Give Bullish Signals
This correction may continue, potentially pushing Bitcoin prices below $55,000 in the near term. Additionally, new institutional investors, such as ETF buyers, may enter the market to acquire BTC at an average price above $56,000.
Despite the recent price decline, the Bitcoin macro index shows a continued bullish trend, potentially hinting at a rally similar to the one that occurred in 2013.
Conclusion: Many Views Regarding Bitcoin Price
Bitcoin price is currently in an interesting phase. Despite the correction, some analysts believe that this is part of a larger bullish trend.
On-chain data shows the potential for further declines but also the possible influx of new investors. Bitcoin macro indicators maintain a long-term bullish outlook.
Investors should monitor market developments closely and conduct their own research before making an investment decision.
Check Crypto Prices Today:
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:
Buy Bitcoin Before or After the Halving? Here's the Guide!
This Signal Could Be a Sign of a Bitcoin Price Reversal
What is Bitcoin Halving and How Does It Affect Bitcoin?
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.
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