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Analyst says Bitcoin price has the potential to fall

Navigasi - The price of bitcoin and other top cryptocurrencies was observed to be mixed on Friday, October 14, 2022 trading. However, the majority of the top crypto prices tended to weaken.

Analyst says Bitcoin price has the potential to fall
Analyst says Bitcoin price has the potential to fall


Based on data from Coinmarketcap, Friday morning, October 14, 2022, the crypto with the largest market capitalization, bitcoin (BTC) is still continuing to strengthen. Within 24 hours, the price of bitcoin was up 1.19 percent. However, over the past week, the price of bitcoin has slumped 2.75 percent.

Currently, the bitcoin price is in the position of USD 19,397.16 or around Rp. 298.29 million (assuming an exchange rate of Rp. 15,378 per US dollar).

The price of ethereum (ETH) has not been able to maintain its strength in the last 24 hours. Ethereum prices edged down 0.45 percent. In the past week, the price of ethereum slashed 4.49 percent. Now, the price of ethereum is in the position of USD 1,289.88 or around Rp. 19.82 million.

However, the next cryptocurrency binance coin (BNB) has strengthened in the last 24 hours. BNB prices rose 0.35 percent. However, the price of BNB slumped 4.24 percent over the past week. Currently, the price of BNB is in the position of USD 272.04 or around Rp 4.18 million.

Then the price of XRP slumped 0.76 percent in the last 24 hours. During the week, the price of XRP slipped 1.65 percent. Now, the price of XRP is at USD 0.4837.

The price of cardano (ADA) is down 0.66 percent over the past 24 hours. Even during the past week, the price of cardano fell 11.74 percent. Currently, the price of cardano is in the position of USD 0.3783.

Furthermore, the price of solana (SOL) fell 1.9 percent in the last 24 hours. In the past week, the price of solana sank 8.36 percent.

Likewise the price of Dogecoin (DOGE) which is in the red zone. The price of dogecoin has slashed 0.46 percent in the last 24 hours. Over the past week, the price of Dogecoin weakened 6.17 percent.

Stablecoins like tether (USDT) have been in the green in the last 24 hours. In the past week, tether prices edged down 0.01 percent.

The price of USD Coin (USDC) is down a limited 0.01 percent in the last 24 hours. During the week, the price of USDC fell 0.01 percent.

Meanwhile, the price of Binance USD (BUSD) has been in the red for the last 24 hours. Over the past week, the price of BUSD edged up 0.02 percent to the position of USD 1.

USD 18,000 and USD 20,500 (around IDR 276 million to IDR 314 million) after having managed to touch the resistance level at USD 20,000 (around IDR 307 million). ) last week.

"In order for Bitcoin to bounce back, Bitcoin price must be able to touch and close above USD 20,500 (around IDR 314 million), then followed by USD 22,500 (around IDR 345 million) before the price continues to move in the following week," concluded Jay.

Previously, the price of bitcoin on Wednesday (12/10/2022) was in the range of USD 19,000 or equivalent to Rp. 291.7 million. Bitcoin has been occupying this level for about a month with some brief pauses and managed to rise above USD 20,000.

The largest cryptocurrency by market cap, which has seen very low volatility in recent weeks, fell 1.1 percent to USD 19,002. according to data from Coin Metrics. The second-largest cryptocurrency, Ethereum, fell 2 percent to $1,282.

As reported by CNBC, Wednesday, October 12, 2022, crypto prices are still under pressure, with bitcoin from losing nearly 70 percent of its November 2021 high.

Many chart analysts see the cryptocurrency could break lower to retest June lows around USD 17,000 and find new bottoms, potentially as low as USD 10,000 if it fails to hold at USD 19,000.

Head of trading at BCB Group Richard Usher said the crypto market would still continue its sleep with small gains.

Currently, traders are still watching the economic data that will be out this weekend. Although bitcoin's volatility has been low recently compared to stocks, the correlation between the two is still high.

Crypto market analyst at crypto exchange Bitbank, Yuya Hasegawa said bitcoin price is holding on to the USD 19,000 level, but with the FOMC and CPI minutes next week, the market is likely to refrain from taking risks.

"Ultimately, it's likely that this data will put pressure on bitcoin," Hasegawa said.

On the other hand, prices have remained stable even after two major announcements signaling institutional acceptance and adoption of crypto continues to increase despite the bear market.

On Tuesday, Google announced it would explore using the Coinbase service to store and trade cryptocurrencies. Additionally, BNY Mellon said Tuesday it will add cryptocurrency to the various assets it holds as a custodial manager.
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