Bittime - Bitcoin price is predicted to move in the range of $ 55,000 (Rp 825 million) to $ 75,000 (Rp 1.1 billion) during this quarter. This BTC price prediction was delivered by Michael Novogratz, founder of Galaxy Digital Holdings Ltd.
Bitcoin, Ethereum, and Solana to Consolidate
Speaking last week, Novogratz revealed that in addition to Bitcoin, Ethereum and Solana will also experience consolidation.
"Bitcoin, Ethereum, and everything else, Solana will consolidate," Novogratz said.
According to him, this means BTC will move in the range of $55,000 to $75,000 until there are new market conditions or important events that can push the price higher.
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Markets tend to stagnate after a bull run
The crypto market has shown stagnation since the historic bull run in the last two quarters. This big increase was driven by the launch of Bitcoin exchange-traded funds (ETFs) in the US and the halving moment that occurs on April 10, 2024.
Halving is a process that occurs once every four years, where the reward for Bitcoin miners is cut in half, thus slowing the rate of production of new Bitcoins and reducing inflation. This moment is often the catalyst for Bitcoin's price increase, due to its reduced supply while demand remains or increases.
US Election Moments
In addition to technical and market factors, Novogratz also highlighted the importance of elections in the US in determining the direction of crypto regulation. "I think the election will bring clarity one way or another to the crypto regulatory landscape," he added.
The election is expected to provide clarity on the government's stance on crypto regulation, which could have a significant impact on future price movements and adoption of these digital assets.
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Recent Data and Statistics
Data from CoinGecko shows that Bitcoin's daily trading volume has remained stable despite price stagnation. In the last 24 hours, Bitcoin's trading volume reached around $30 billion (Rp 450 trillion), signaling continued interest from investors.
Ethereum and Solana also showed similar trading patterns, with trading volumes of around $15 billion (IDR 225 trillion) and $2 billion (IDR 30 trillion) respectively.
Development of Bitcoin ETFs in the US
The launch of a Bitcoin ETF in the US has been one of the main drivers of price gains in recent months. This ETF allows institutional investors to invest in Bitcoin without having to buy its physical assets.
This increases Bitcoin's accessibility and legitimacy in the eyes of traditional investors. Several ETFs launched have performed strongly, attracting billions of dollars of investment in a short period of time.
Impact of Bitcoin Halving
The last Bitcoin halving took place in April 2024, and its effects are still being felt today. With the reduced rate of production of new Bitcoins, the supply available in the market has become more limited. This, combined with growing demand from institutional and retail investors, has helped push Bitcoin's price to all-time highs.
Conclusion
Michael Novogratz's prediction of Bitcoin's narrow trading range within the quarter reflects a realistic view of the current crypto market. The expected consolidation in Bitcoin, Ethereum, and Solana indicates that the market is in an adjustment phase after previous large gains.
With the US elections expected to bring regulatory clarity, as well as potential other macroeconomic events, investors and market watchers will continue to monitor these developments closely.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the 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 does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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