Bitcoin Price Touches US$88,000, Analyst Predicts the Rally Will Continue

Crypto analyst from Reku, Fahmi Almuttaqin said the development was in line with what many market participants had projected.

The price of Bitcoin had touched US$88,000 (Rp1.38 billion) on Monday, November 15. This increase occurred amid optimism over the entry of large investors into the crypto market.

Crypto analyst from Reku, Fahmi Almuttaqin, said that the development was in line with what many market participants had projected. According to Fahmi, currently, Bitcoin can be said to be in a new price exploration phase.

"If the selling pressure is not too significant, it is likely that the rally will continue," he explained.

Fahmi highlighted that investors observed an increase in purchases from large investors over the past week, which could indicate the initial phase of the main rally in this bullish phase.

"Thus, the potential for an increasing positive trend, especially for the crypto market in general, is still quite open," said Fahmi in a written statement.

Examining the conditions in the derivative market, Fahmi noted that investors appeared to be anticipating a correction at the end of last week. However, Bitcoin continued its positive trend and reached a new high.

"If this continues without a long consolidation situation, there is a possibility of a large rally at the end of this year as happened in 2017," he added.

Despite the bullish market, Fahmi emphasized the importance of investors paying attention to the management and monitoring of their portfolios to maximize potential profits and mitigate risks.

"With today's market conditions, the risk/reward ratio is at a more profitable figure for investors in general," said Fahmi.

"Therefore, it remains crucial for investors to conduct good research and analysis to choose assets with growth potential and risk levels that match their respective investment profiles," he concluded.