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Early this morning, we saw that the price of Bitcoin surpassed $30,200 for the first time in August. However, the excitement didn’t last long as selling pressure at resistance levels continues. What’s more concerning is that despite a significant increase in open positions, the upward trend could not be sustained. So, what are the predictions of market experts?
Why Did Bitcoin Fall?
US stock markets have been performing impressively for a long time. However, the correlation between crypto and stocks has been disrupted, and while the stock markets are heading towards their 2021 highs, BTC remains stagnant. BTC initiated a strong rebound from the $28,700 region, which was the bottom. The price reached the August peak but couldn’t stay there.
Despite currently being at $29,900, the price still holds promise. In July, experts were already stating that closing above $29,700 could indicate a reversal from the bottom. Moreover, altcoin prices have gained over 5% since surpassing the $29,500 level.
Predictions from Crypto Analysts
So, what did experts say after the recent market movement? Popular crypto trader Jelle stated that the recent rebound is promising. According to him, BTC price seems determined to maintain its long-term upward structure with the rebound from the local bottom. This means that the current expectation is for the price to create a peak above $32,000. If BTC can sustain above $32,000, the target could be the $36,000 region according to previous predictions.
Poppe continues to emphasize the significance of the $29,700 level. If this level is permanently broken, the famous crypto analyst will also expect an upward movement. In July, many experts pointed to the same range.
Rekt Capital maintains its composure regarding the effects of BTC price strength on weekly timeframes.
“BTC is pushing beyond the roughly positive $29,250 level. However, historically, the $30,100 resistance beyond this level will be decisive. So far, BTC’s upward movement has reached around $30,200. The downward trend is strong enough to push the price below $29,250 and close the week below it. However, if BTC can drop to around $29,250 and hold it as support, it will be a more bullish price development.”
Lastly, the fourth analyst Skew believes that the ongoing rise is a liquidity hunt. If he is right, after enough demand is formed, the price may create deeper bottoms with volume sales. On the other hand, speculators on social media have been claiming that Spot Bitcoin ETF approval will come in a few days. However, many reputable figures, including the CEO of Ark INVEST, do not consider this likely.
