The price of BTC has been stuck at the $29,000 level for a long time, and the shallow volatility continues to be discouraging for investors. After periods of shallow volatility since the beginning of 2023, we have seen major price movements. We will probably experience a similar process soon. So, what are the expectations of expert crypto analysts?
Will Bitcoin (BTC) Rise?
The biggest event of this week that could increase volatility is the July inflation data to be released at the September meeting. The Fed acknowledges that current monetary policy is now tight. However, getting rid of sticky inflation will be the determining factor that prevents further tightening.
On-chain data indicates an accumulation phase for whales and other large investors. As network fundamentals rise, the number of new wallets challenges price movements and continues to increase.
Crypto Currencies and BTC Analysis
Popular crypto analysts are concerned that in the coming days, due to the lack of momentum to overcome selling pressure below key resistance levels of $29,250, $29,500, and $30,000, a significant downward movement may begin.
Rekt Capital said:
“BTC price continues to face rejection around the $29,500 region. As long as this continues, the expectation is for deeper lows to occur.”
Credible Crypto shared a similar view. According to him, if buyers do not return, a journey to a lower bottom level will begin. It can be a good option at the current stage as it can attract deeper bottom buyers.
Poppe said:
“Mondays are the days when Bitcoin typically makes its standard drop. In this case, I will target $28,000 to place bids. If we don’t drop to that region, I will expect a breakout above $29,700 to add my long-term buys.”
Skew noted that there is almost no volume in weekly timeframes. Checkmate, Glassnode’s chief on-chain analyst, said in a statement on August 7th, “Volatility in Bitcoin has reached historically low levels.” Checkmate, who uploaded a graph of Bitcoin’s annualized realized volatility, revealed that such flat behavior was last seen in the months after the cross-market crash due to COVID-19 in March 2020, three years ago. According to the analyst, this data indicates that we are in an accumulation phase again.
Lastly, The Kobeissi Letter said:
“Inflation data this week will provide more insight into what the Fed will do in September.”
The Kobeissi Letter believes that positive developments in inflation could encourage buyers again.
