Bitcoin chart remains dull, and August has not met investors’ expectations. So, what’s next? Popular crypto analyst Hyland compared previous cycles with the current situation and shared his expectations for the next few months. BTC is still hovering around $59,200 and hasn’t reached a safe zone for an upward movement.
Historical Data of Cryptocurrencies
Analyst Matthew Hyland mentioned in his recent market assessment that similar periods have occurred before. The analyst believes the price drop below $50,000 at the beginning of August and the prolonged consolidation period are not surprising. Cryptocurrencies went through similar processes during the 2012, 2016, and 2020 election periods.
“I will go back to August 2012, where a significant crash occurred. Then we slowly progressed towards the election and rose significantly after the election. This is the kind of path I expect. A bit bumpy, nothing too crazy, then probably October, November, we will break out of this range.”
In his view, August will continue to be dull. His projection, which suggests more demoralizing days ahead, aligns with the September interest rate cuts.
Cryptocurrency Predictions
Bitcoin price has dropped by approximately 10% since July 18. The losses in altcoins are much greater. Some analysts expect deeper dips. Contrary to the general market consensus, some even expect a decline in September. For instance, crypto analyst Rager stated in his recent market assessment:
“Personally, I think the Bitcoin price will be lower than its current price before the end of September.”
In the short term, he expects some recovery by the end of the month. Michael Poppe updated his worst-case scenario, suggesting that if $56,000 is lost, a Black Monday story could lead to a new test at $48,000.
Markus, Head of Research at 10x Research, also advises investors to wait for BTC to drop to $40,000 for the best entry. He wrote exactly this in his report published at the beginning of this month.
“To ideally time the entry into the next bull market, we target Bitcoin prices to drop to the low $40,000s.”
Of course, none of them have the ability to see the future, and cryptocurrencies are full of surprises.
