Langgam Pos - Despite a temporary dip below USD 60,000 (approximately IDR 979.4 billion, assuming an exchange rate of IDR 15,740 per USD) on Wednesday, Bitcoin, the world's leading cryptocurrency, is predicted to reach new heights and potentially soar to USD 150,000 (around IDR 2.4 billion) by December.
This forecast comes from Tom Lee, the Head of Research at Fundstrat, who predicts a 138% increase in Bitcoin's value—a welcomed shift in the cryptocurrency market following a recent 7% drop.
Research from K33 suggests that the decline in Bitcoin's price is partly due to the fallout from the defunct cryptocurrency exchange Mt. Gox, which promised to repay customers nearly USD 9 billion in crypto. This raised concerns about a large influx of digital assets entering the market simultaneously.
"Bitcoin has been struggling due to the distribution from Mt. Gox, which started in July. It was a major loss for years, but if I were investing in crypto and knowing that one of the biggest losses will be resolved by July, I think that’s a reason to expect a sharp rebound in the second half of the year," Lee said, as quoted by Yahoo Finance on Sunday, August 18, 2024.
Experts are also optimistic, noting that Bitcoin reached an all-time high of nearly USD 73,000 a few months ago, with its total market capitalization now standing at USD 1.2 trillion.
Several Bitcoin market analysts predict that the latter half of 2024 will see Bitcoin on an upward trajectory. According to multinational bank Standard Chartered, Bitcoin’s price could reach USD 100,000 during the November elections, reflecting ongoing market excitement surrounding this emerging asset class.
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