We will include the expectations of six analysts for the price of Bitcoin. We see that there are caveats in these expectations. On the other hand, we will have the opportunity to compare BTC approaches in analyst views.
Bitcoin warning from Benjamin Cowen
Crypto analyst Benjamin Cowen highlights two months. It signals that Bitcoin (BTC) will break below the “bull market support band” in August or September. On the other hand, he believes it will lead to a potential widespread correction in the wider altcoin space, including meme coins. Cowen emphasizes that BTC is currently above its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). He also states that together they form the support band.
If Bitcoin closes below these levels in Q3, it could cause shitcoins and memecoins to clear out of the market. Cowen is of the opinion that a correction in the stock market will push Bitcoin below the support band. In addition, this situation leads to a decline in the altcoin market. Therefore, he suggests that the performance of the stock market may also affect this result.
Analyst DonAlt points to this level
Analyst DonAlt, who correctly predicted the breakout in cryptocurrencies earlier this year, has fallen in Bitcoin (BTC). He believes that BTC could potentially recover up to $20,000 after losing the $30,000 level as support. DonAlt expects BTC to retrace the $30,000 level as a sign that the bulls are still in control.
DonAlt currently sees the market as volatile and uncertain. On the other hand, fellow analyst Credible Crypto continues its bullish trend in Bitcoin BTC. He also highlights that BTC has a history of breaking range support levels before starting steep rallies. Accordingly, he states that he expects the next impulse to begin soon.
MicroStrategy maintains Bitcoin interest
Bitcoin is trading at $29,595, up 2.6%. Accordingly, the bulls are aiming to regain the $30,000 resistance. MicroStrategy, a US-based software development company, intends to buy more BTC. For this, he announced his intention to raise up to $750 million through stock sales. This news increases investor interest, especially with the halving event expected in 2024.
However, there are recommendations to be cautious as the Relative Strength Index (RSI) has dropped below the moving average. Accordingly, this points to potential short-term pain before a breakout. Bitcoin’s dominance rate dropped in July due to the rise of altcoins. However, MicroStrategy’s potential BTC purchases give the market a buying opportunity. It will likely raise the price to $35,000 and $38,000.
Jim Wyckoff: Bulls and bears equalize on the playing field
Bitcoin (BTC) experienced a pullback and fell below the $29,000 support level. On the other hand, it dropped as low as $28,609 before climbing above $29,300. This drop results in August Bitcoin futures prices dropping to a five-week low.
On the other hand, it pointed to a downtrend on the daily chart. Kitco senior technical analyst Jim Wyckoff notes that the bulls and bears are now on an equal playing field. But Bitcoin suggests that the bears have some momentum on their side in BTC.
Rekt Capital points to significant level for Bitcoin
Ekt capital highlights the importance of the $29,250 level for Bitcoin (BTC). Instead of closing above this level on the monthly timeframe, BTC closed slightly below. To confirm the ascending blue path, BTC needs to retrace $29,250 as support.
However, there are signs that this level is acting as resistance this month. Accordingly, there is a possibility that such a situation could lead to a rejection and a potential drop along the bearish red path. At the moment, the critical $29,250 level is important for Bitcoin BTC’s price action.
Analyst Vetle Lunde points to the market situation
Vetle Lunde, senior analyst at crypto research firm K33, points out that the volatility pressure in the market is approaching its climax. He also believes an eruption is imminent, although the exact timing remains uncertain. Analyst Vetle Lunde points out that an unknown catalyst could lead to an increase in transaction volumes. But he argues that what causes significant market movements is often a structural squeeze.
He thinks the announcement of spot Bitcoin ETFs by major asset managers could potentially revive momentum and volatility in the crypto market. However, Lunde expects ETF filings to be delayed until the Grayscale-SEC case is concluded. Looking at cryptokoin.com, Lunde remains bullish on crypto for 2024, predicting that the next Bitcoin halving, ETF developments, and easing of macro constraints will drive positive market trends.
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