Heaptalk, Jakarta — The bitcoin (BTC) price shot up to US$45,000, with growth of 5.87% in trading Tuesday (02/01), after closing an increase of more than 160% in 2023. This value is claimed to have reached the highest level since last year. The Bitcoin movement sped off after its movement accelerated this week after moving steadily over the past week of around US$42,000 – US$43,000.
Regarding the price movement, the Financial Expert of Ajaib Crypto, Panji Yudha, revealed that BTC rebounded from trendline support to rise to US$45,116 on Tuesday morning. He observed the potential for bitcoin to increase its value to US$45,500. If this crypto asset managed to penetrate this level, Panji estimated the value would reach US$48,000. Meanwhile, if the BTC flops to reach this level, he perceived the potential to weaken to the nearest support of US$44,500.
Furthermore, the global crypto market capitalization was also amplified by US$1,693 trillion, elevating 5,93%, whereby the altcoin market also boosted this outgrowth throughout last year. Simultaneously, Ethereum (ETH) and altcoin have also attained US$2,400, an increase of 4.20% in the previous 24 hours.
On the other hand, the other crypto assets have also significantly ascended in the last week, spanning Perpetual Protocol (PERP) elevated up to 61.29% and exceeded the price of US$1,40, Arbitrum (ARB) strengthened up to 25.87%, becoming US$1.75, and BNB grew by 20.19%, attaining US$319.
The following week’s forecast of Bitcoin
As is known, The US Bureau of Labor Statistics will release its nonfarm payrolls (NFP) report as of December on January 5, 2024. The nonfarm payrolls report reports that employment in the US as of December 2023 is predicted to grow lower, to 163,000, compared to the previous 199,000 in November of that year.
In response to the short-term impact of the NFP outcome on the crypto market, Panji discerned if the report is higher than market expectations, the output might negatively impact Bitcoin’s value. On the other hand, if the reported value demonstrated an equal value or even below market expectations, Panji considers that the output will positively impact the bitcoin value.
Regarding next week’s trends, Panji said the SEC’s decision to approve funds traded on bitcoin exchanges is the most anticipated moment. BlackRock’s current participation is the potential approval of a spot in Bitcoin ETF. He perceived that Investors would take advantage of the opportunity to take several profits because they already have anticipatory steps based on the potential approval of a spot Bitcoin ETF, whereby this investment asset has been in the spotlight in the last six months.
“Crypto market volatility will increase ahead of SEC determination on spot Bitcoin ETFs. Market players should remain vigilant in anticipating changes in crypto asset prices. Regarding short-term potential, I noticed the possibility of a sell on the news trend regarding the decision regarding spot Bitcoin ETFs,” affirmed Panji.
Nevertheless, Bitcoin’s long-term perspective is considered more promising, supported by the sentiment of the Bitcoin halving day, which will occur in April 2024. This moment is also driven by the US Central Bank, which potentially cut the benchmark interest rate at the FOMC in March 2024, expecting to deliver a long-term positive impact on the crypto asset market.
