Bitcoin (BTC) Price Predicted to Set New Record High in the Near Future

The price of Bitcoin (BTC) has continued to show a positive trend in recent months. The increase in BTC to reach Rp1 billion recently has made the crypto asset predicted to have the potential to set a new record price in the near future.

The price of Bitcoin (BTC) has continued to show a positive trend in recent months. The increase has brought BTC to reach Rp1 billion recently, making the crypto asset predicted to have the potential to set a new record price in the near future.

The leading crypto analyst, Kevin Rightson, assesses that various positive factors now support the movement of BTC towards the highest level or all time high (ATH) which is expected to occur towards the end of 2024.

"Bitcoin is now only about 12% to 13% away from the record high price, like 70,000 US dollars (around Rp1.085 billion)," said Rightson, based on his analysis on a YouTube channel with more than 80,000 followers, Monday (12/12).

According to him, the cycle of Bitcoin price increases often occurs ahead of or during the US presidential election. "Every time we approach or pass the previous record price, the election period and inauguration of the US president usually trigger optimism in the crypto market,"

In addition to the US presidential election factor, Rightson also highlighted technical indicators showing a change in trend from bearish to bullish this October. If Bitcoin prices hold above $66,000 by the end of the month, it will be the first highest monthly shutdown in some time, indicating that the market side phase may have ended. The market may be moving from a flat price move towards a more stable upward trend," he explained.

In line with that, positive market sentiment is also supported by the Federal Reserve's move to maintain a fixed interest rate. This policy has the potential to encourage investors' interest in risky assets such as cryptocurrencies, which have been considered digital value protective assets amid global economic uncertainty.

According to Rightson, changes to macroeconomic policies can strengthen Bitcoin's position as an alternative safe haven, especially for investors seeking portfolio diversification.

On the other hand, historical data shows that whenever Bitcoin approaches its highest level, trading volume increases significantly.

Retail groups and institutions enter the market. If this trend continues, it is not impossible that BTC will reach a new high in the coming weeks, as well as validate ongoing bullish sentiment.