Indodax CEO Oscar Darmawan said Bitcoin may be at a low point for a while.
“It is likely to experience a gradual increase in the next few months,” he said, Wednesday (15/5/2024).
In recent weeks, the crypto market is said to have experienced significant changes in Bitcoin prices.
This week, the Bitcoin price experienced a wide price range with the lowest price reaching 56,552 United States dollars (US) on May 1, 2024, and the highest price reaching 64,734 US dollars on May 6, 2024. While on May 13, 2024, Bitcoin was trading around the price of 62,761 US dollars.
Under such fluctuating circumstances, he considers it crucial to have an in-depth understanding of the dynamics of the crypto market and awareness of the factors that influence price fluctuations.
“With the right information, investors can make more informed investment decisions and prepare strategies that suit the dynamic market situation,” Oscar said.
Furthermore, Oscar emphasized that Indodax views market corrections as a natural part of the journey towards crypto market maturity. Although a price correction can cause temporary uncertainty, it can be an opportunity for investors who dare to enter the market during these conditions.
He also highlighted several factors that influence market corrections, such as the tax season in the US, Bitcoin halving, interest rates, and fluctuations in ETF (Exchange-Traded Fund) inflows.
“The current correction is an inevitable part of the journey towards the development of the crypto ecosystem, where courage and caution must go hand in hand,” he said.
The post-Bitcoin halving moment is believed to significantly increase the price of Bitcoin, although there may be a temporary price drop known as price adjustment. However, what is considered more important is having a mature trading plan. That way, every trader and investor already knows what steps to take when the Bitcoin price goes up or down.
In this context, Oscar underlines the importance of utilizing moments like this to invest with the Dollar Cost Averaging (DCA) technique.
“Historically, after a correction Bitcoin will experience an increase, and this is a good opportunity for investors and traders to take advantage of the moment to buy the dip at a low price,” said Oscar.
