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| Kabar Buruk! Bitcoin Diramal Jeblok ke US$ 13.000/Koin! |
The downward trend in bitcoin prices does not seem to be over. In the last few days the cryptocurrency with the largest market cap in the world has moved in the range of US$ 20,000/coin, but many predict its value will decline to US$ 13,000/US$ or around 30% more.
Launching Coin Market Cap data, on Sunday (17/7/2022) at 14:16 WIB, bitcoin was trading at around US$ 21,341/coin, up more than 3% in the last 24 hours.
Investment bank JP Morgan is the one who predicts bitcoin will drop to US$ 13,000/coin, the reason being that mining costs have fallen sharply.
Based on JP Morgan's estimates, the mining fee for 1 bitcoin has decreased by more than US$ 10,000/coin from the previous US$ 24,000/coin.
"The drop in mining costs was almost entirely due to a drop in electricity usage as seen in the Cambride Bitcoin Electricity Consumption Index (CBECI). A drop to $13,000 would represent a drop in bitcoin price of around 35% from the current $20,000/coin range," the team said. JP Morgan analysts led by Nikolaos Panigirtzoglou, as reported by Forbes , Saturday (16/7/2022).
Prior to JP Morgan, some analysts also saw Bitcoin would fall to the range of US$ 13,000/coin, because the global economy, technical factors and several crypto companies that went bankrupt gave negative sentiment.
Recession issues make bitcoin continue to decline. Some see cryptocurrencies as positively correlated to the US stock market (Wall Street) which has also collapsed.
Bitcoin is said to have just reached the bottom , meaning that the downward trend will end when inflation in the United States can be controlled, and there is no severe recession.
"I think when inflation is under control, the economy is under control, there is no severe recession, then the market will start to stabilize," said CK Zheng, co-founder of crypto hedge fund ZX Squared . ).
Based on data from the US Department of Labor, inflation based on the consumer price index (CPI) skyrocketed 9.1% year-on-year (yoy) in June, much higher than the previous month's 8.6% and Dow Jones expectations of 8.8%. .
The US central bank (The Fed) under the leadership of Jerome Powell plans to raise interest rates 50-75 basis points this month. However, the market now sees the world's most powerful central bank set to raise 100 basis points.
The higher interest rates are raised, the faster the recession will occur.
"If we see any signs of inflation slowing down in the next few months, it will provide some confidence in the market bottoms are reached across all risk assets, including stocks and cryptocurrencies," said Vijay Ayyar, vice president of crypto exchange Luno, as reported by CNBC International. .
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