The news is not at all good for bitcoin during this month August even if optimists like Tom Lee predict better days for bitcoin in the future. Tom Lee defends that the price of bitcoin could reach the bar of $150,000 in a few years without counting how many.
After a week of cryptocurrency downtrends, bitcoin price finally stabilized at $26,000. BTC has had a pretty excruciating week with a drop of 11%. During the whole month the price of bitcoin plunged by almost 13%. The pair of crypto-currency leaders, namely bitcoin and Ethereum, is rocking while posting a 3% drop in just one week. It seems like Ethereum has cushioned the shock of this dizzying downhill move well. After the tumultuous week that plunged bitcoin to below the bar of $ 25,000 which reminded the storm of June, the BTC is recovering from the hair of the silly gently. The optimist returns to the markets and the price of bitcoin seems to resume.
Buyers and sellers balanced for several hours around the peak of $26,000. Specialists believe that the rebound could start from this level. At this very precise moment the price of bitcoin could again find its peak of resistance of $26,700. The markets, on the other hand, could experience other disruptions and force bitcoin to plunge back to the support level at $25,000. The price of bitcoin must take the time to digest its very violent decline before you can resume. You need buyer confidence. This one is still encouraged by a dynamic increase in the price in question.
After a difficult week, bitcoin ended the week with a price reaching a $26,000 level. This price could seek robust support weekly which is around $25,000. This support must be kept for once again find the resistances between $29,000 and $31,500. Surf the cryptocurrency market is to do like Russian mountaineers. You have to pace impressive summits before taking dizzying descents. It’s us wonders which peaks to survey and decents to make by bitcoin in August 2023?
Of course, many factors will come into play to influence the course of the bitcoins. The main factors start from the balance of supply and demand at the investor perception and confidence in bitcoin. To get there, you have to also go through other factors which are among other developments technologies and the adoption of bitcoin by merchants and consumers, regulations by governments and the pace that these regulations will take, the geopolitical and economic events of the world and of course the law of competition that hits everything and therefore the competition of bitcoin with other crypto- currencies.
Risking to predict the price of bitcoin for the month of August 2023 is very complicated due to many factors to consider and experts are not not all agree. Caution must remain the rule before the start of the new school year september.
In the field of competition, it must be said that the development of the market for cryptocurrencies as a whole could impact the price of bitcoin. Ethereum which remains immovable in its place of eternal second because of its market capitalization, the second largest by volume, continues to grow and gain popularity. Other cryptocurrencies like Cardano and Polkadot could become quite serious competition for bitcoin. Finally the Dogecoin or Shiba Inu have been talked about a lot and they have attracted attention particular from many investors.
The bitcoin house is not on fire far from it. She’s just struggling in this month of August. This is a storm before the calm. Because many observers of cryptocurrency markets think bitcoin is not risking much. He had admittedly a few scratches but it will be able to regain its high levels of resistance in the coming months.
