Bitcoin Price Can Reach IDR 210 Million at the End of 2020?

The price of Bitcoin successfully penetrated the price of Rp. 173.6 million or the equivalent of US $ 12,400 [Assuming US $ 1 = Rp. 14,000].

Reporting from Cointelegraph, if Bitcoin is able to surpass the resistance of US $ 12,113.50, then the price of Bitcoin will continue to rise to the price of US $ 13,000.

On the other hand, if the Bitcoin price fails to stay above US $ 12,113.50, the Bitcoin price can fall to an average of US $ 11,457, where the Bitcoin price is said to be weakening.

According to AssetDash data, Bitcoin's current market capitalization is over US $ 226 billion, an increase of 3.2% in 24 hours. This bullish behavior of Bitcoin (BTC) points to BTC as the 25th most valuable asset by market cap, just behind PayPal with US $ 230 billion.

CEO of PT Pintu Kemana Saja (Cryptocurrency Platform) Jeth Soetoyo revealed that the price of Bitcoin at the end of 2020 has the opportunity to touch US $ 15,000. "Breaking the US $ 15,000 figure, considering that in 2017 the price of Bitcoin has tripled in three months, so the possibility of reaching that value is very possible, it also depends on the demand in the market," said Jeth in Research Published by Pintu.

According to him, the increase in the price of Bitcoin occurred due to the Fed's recent move which is predicted to lead to higher inflation. Data released by the US Government last week, August 11, 2020, showed that July wholesale prices rose more than predicted.

"Inflation could further weaken the dollar's position, push bond yields lower and provide another impetus for safe-haven assets like bitcoin."