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Home Feature News

Bitcoin is projected to grow up to 4.2-fold toward halving day in 2024

Bitcoin is still leading among the other crypto assets, with the most significant market capitalization, attaining about US$538 billion towards its halving day 2024.

Syifa by Syifa
October 9, 2023
in Feature News, Industry
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Bitcoin's Halving Day 2024
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Heaptalk, Jakarta — Bitcoin remains an attractive investment asset among crypto investors, particularly ahead of the halving day in 2024 as the eagerly awaited moment for Bitcoin to reach the All-Time High (ATH), estimated to elevate up to 4.2 times next year.

Moreover, according to the Co-Founder and Chief Compliance Officer (COO) of Reku, Robby, Bitcoin is still leading among the other crypto assets, with the most significant market capitalization, attaining about US$538 billion (around Rp. 8.3 trillion). Even though Bitcoin and other crypto assets experienced significant volatility until September 2023, Robby claimed that this asset dominance is still increasing.

In his further statement, Robby explained that Bitcoin’s dominance has increased to 3.16%, reaching 50.16% in the third quarter of 2023, compared to the previous result of 47% in Q2 this year. Robby observed that this enhancement indicated a high demand for this crypto asset. Moreover, medium- to long-term investors continue accumulating this coin to prepare for the halving day 2024.

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World Ai Jakarta 2025

“Halving day also reduces the Bitcoin supply rate in the market, impacting the limited supply and high demand. This momentum might allow the price to rise significantly. For this reason, for novice investors, the 4th quarter is the right moment to start saving Bitcoin assets by using Dollar Cost Averaging (DCA) before climbing even higher.” Robby affirmed during the virtual Bitcoin Outlook 2024. (10/04)

Before the price spike occurred, generally known as the moon momentum, Robby emphasized that people are expected to be prepared to face bearish conditions as the classic cycle conditions occurred before the halving.

Growth of Bitcoin and its potential as another investment asset

Historically, Robby said that the Bitcoin halving recorded an increase of up to 93.1 times, equivalent to US$10,510, approximately Rp. 164 million in 2013. On the other hand, the price of this crypto asset also increased 30.1 times, which made this investment instrument reach a value of US$19,233 (around Rp. 300 million) in 2017. In 2021, this asset also grew 7.8 times, attaining an ATH level worth US$ 60,200, equal to Rp. 939 million.

The Crypto Analyst of Reku, Afid Sugiono, admitted multiple factors that could become the catalysts behind the Bitcoin halving day. According to him, the Initial Coin Offering (ICO) was the catalyst behind the bull run day. while DeFi and NFT assets are factors in the bull run in 2021. Nevertheless, he predicted that a Bitcoin ETF would drive the halving momentum in 2024.

Refers to the Fidelity report on August 1st, 2010, to August 30th, 2022, if investors put around 3% Bitcoin among a traditional portfolio, consisting of 60% bonds or 40% stocks, this would increase portfolio performance by an average of 15.5 % annually.

“The report reinforces this asset’s role as an attractive diversification instrument in supporting the performance of traditional instruments. For this reason, investors can also use Bitcoin as an investment asset for the short, medium, and long term,” added Robby.

On the other hand, Robby also revealed an AHA moment, which boosts the potential of Bitcoin as an additional investment asset, marked by the launch of a crypto exchange in Indonesia last July. He claimed this historical moment had completed a regulation of the crypto industry in the archipelago. Also, the moment has ensured the security to adopt Bitcoin as the other investment tool in Indonesia.

Tags: Bitcoin growthBitcoin halving day 2024crypto-assetReku

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