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Bitcoin (BTC) once again failed to surpass the resistance at $60,000 and continued to consolidate below this level. Potentially breaking above the $60,000 resistance level could push Bitcoin to an all-time high and trigger a rally. Significant whale movements in the market also seem to provide clues about price action.
Analyst’s Bitcoin Commentary
One of the leading market analysts, Ali Martinez, shared important data in an X post on August 19, stating that Bitcoin whales have recently made over $92.7 million in profits. According to the latest data provided by CryptoQuant, there was a noticeable increase in profit-taking transactions between the end of July and mid-August.
On the other hand, the recovery following Bitcoin’s drop below $50,000 on August 9 did not go unnoticed by market investors and observers.
Bitcoin Price Predictions
Amid this increasing whale activity and consolidation, attention has turned to how Bitcoin might perform in the coming days. Especially considering that Bitcoin spent July in a negative zone, the outcome of August’s closing for the cryptocurrency is also a topic of curiosity.
Meanwhile, advanced artificial intelligence (AI) and machine learning algorithms used by the cryptocurrency market prediction platform PricePredictions suggest that Bitcoin might face a sharp correction in the coming days.
According to the platform’s statement, based on an analysis conducted on August 19, Bitcoin is expected to be valued at $52,776 on August 31. This indicates that Bitcoin could experience nearly a 10% price decline.
Bitcoin Price Analysis
In the AI’s price prediction for BTC, market analysts also commented that Bitcoin might undergo short-term consolidation before potentially making an upward price movement.
For example, in a post published by analyst Rekt Capital on August 18, it was stated that Bitcoin is currently in the 125-day phase post-halving. He also noted that this could be interpreted as entering a critical period where significant price movements are observed in the historical analysis of market movements.
Looking at past data, it is generally observed that Bitcoin enters a parabolic phase approximately 160 days after a halving event. If this process occurs similarly, it could be thought that a significant price increase expected around the end of September 2024 might be closer than anticipated.
