DIGIVESTASI - The price of Bitcoin (BTC) has set a new record after successfully surpassing the $107,000 mark, marking a significant moment in the ongoing bullish trend. Analysts indicate that this may not yet be the peak of Bitcoin's rise.

According to a report from finbold.com, several factors, such as technical indicators and market behavior, suggest that the price of Bitcoin has the potential to continue rising.

Technical indicators show the potential for further gains. One such indicator is the Relative Strength Index (RSI), which measures the magnitude of price changes over a given time period. According to data from the Barchart platform, Bitcoin's RSI is currently at 77.19, still far from the 90 level typically reached at the peak of previous price cycles in 2017 and 2021.

Generally, an RSI above 70 usually indicates that an asset has been overbought. However, history has shown that Bitcoin can remain in this range for extended periods while continuing to rise in price.

Another positive signal comes from the activity of large investors (whales). Crypto analyst Ali Martinez reported that in the last 48 hours, wallets holding between 100 and 1,000 BTC have purchased over 70,000 BTC, equivalent to approximately $7.28 billion. Large purchases by whales are often seen as an indication that the market will continue to rise, as these transactions can spark optimism and attract retail investors to buy in.

Historically, U.S. Presidential Election years have had a positive impact on Bitcoin prices, linked to the halving cycle that occurs every four years. For example, after the 2012 U.S. election, the price of Bitcoin surged from $15 to over $1,000 in 2013. After the 2016 election, it reached nearly $18,000 in 2017, and after the 2020 election, Bitcoin set a record high of $69,000 in 2021. Many analysts believe a similar trend could repeat in the 2024 election. If Donald Trump is re-elected, Bitcoin may receive additional support from positive market sentiment.

Several major financial institutions have also provided optimistic predictions for Bitcoin's price. Standard Chartered forecasts that Bitcoin could reach $200,000 by next year, driven by increased interest from institutional investors. Meanwhile, investment firm VanEck projects that Bitcoin's price will continue to rise into early 2025, potentially hitting $180,000 in the first quarter of that year.

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