August 17, 2025 | 07:54 am
The price of Bitcoin has once again set a new record. On Thursday, August 14, 2025, the world's largest crypto asset reached the level of $124,000 or around Rp 2.01 billion, surpassing the previous record set in mid-July.
According to data from Coinbase via TradingView, Bitcoin briefly touched the highest level of $124,450 (Rp 2.01 billion) before correcting to the range of $121,670 (Rp 1.97 billion). Despite the correction, analysts believe that the Bitcoin rally still has room to continue.
BitBull Capital CEO Joe DiPasquale mentioned that the surge in Bitcoin's price was triggered by several key factors. "The inflow of funds into Bitcoin ETFs, wider institutional adoption, and macro conditions supporting the possibility of interest rate cuts have been the main catalysts for this increase," he said, as quoted by Forbes.
He added that once Bitcoin surpassed the previous resistance level, momentum traders entered and accelerated the price rally.
A similar view was expressed by Tim Enneking, Managing Partner at Psalion. He believes that achieving this new record is just the beginning. "The fundamental nature of the Bitcoin market is undergoing a radical change. Many companies, countries, and even large investors are starting to hoard Bitcoin as a valuable asset," he said.
According to Enneking, almost everyone now agrees that Bitcoin has transformed into a perfect store of value, with limited supply, not controlled by any specific party, easily transferable, and increasingly popular among institutional investors.
In addition to Bitcoin, the second largest cryptocurrency, Ethereum (ETH), has also shown positive movement. ETH rose to touch $4,750 (Rp 76.9 million), approaching the record high reached in 2021.
According to Investing, other altcoin such as XRP, Solana, Cardano, and Dogecoin also recorded slight increases. This condition indicates that this crypto rally is not only centered on Bitcoin but also involves a broader market.
CEO of the crypto research platform DYOR, Ben Kurland, believes that this trend shows that the crypto market is now more mature than in previous periods. "Now we are seeing real institutional adoption and integration in the real world. This rally is more of a validation, rather than just euphoria," he said.
According to The Manila Times, the surge in Bitcoin prices was also influenced by regulatory changes in the United States under the administration of President Donald Trump. The US government is said to be starting to remove previous restrictions that hindered banks from working with crypto companies.
In addition, several major companies such as the Trump Media Group and Elon Musk's Tesla were reported to increase their holdings of Bitcoin, thereby increasing market confidence.
Senior market analyst at XS.com, Samer Hasn, believes that this move makes the crypto atmosphere more conducive. "The crypto market is currently enjoying very supportive fundamentals," he said.
Nevertheless, some technical indicators are giving caution signals. According to Cointelegraph, some analysts believe that Bitcoin may experience a short-term correction after reaching the highest level. The Relative Strength Index (RSI) indicates an overbought condition, while the rising wedge pattern usually precedes a price decline.
However, on-chain data from CryptoQuant shows that the Bitcoin market is not yet in an overbought condition like the previous peak. The level of profit-taking from short-term investors is still low, so the possibility of a continued rally is still open.
Many analysts believe that Bitcoin still has room to rise even higher, with some projecting the potential to reach $187,000 (Rp 3.03 billion) in the coming months.
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