Bitcoin price has been consolidating in the $30,000 region since mid-June. It showed once again how strong the 12th of July was accompanied by the US inflation data. While July continues to pass in a narrow range, notorious analysts are waiting for these levels for August….
Bitcoin analyst sets new levels for end of August
According to a recent report by Finbold, a group of crypto researchers known for their eerily accurate predictions have made a prediction for the price of Bitcoin on August 31, 2023. According to experts, Bitcoin price will have touched $40,000 by the end of next month.
This prediction attracts both expectations and doubts. Some experts see this as a clear confirmation of Bitcoin’s continued relevance and potential growth. Others disagree that in 4 weeks, Bitcoin specifically could jump more than 30%. BTC is currently consolidating above $30,000 after July 12, when it touched $31,000.
3 critical BTC predictions from Weiss Ratings
As for short-term price predictions, Weiss Crypto analyst Bruce Ng predicts three scenarios in the short-term. According to Ng, the sideways trend of Bitcoin in recent weeks indicates that there is no transition to riskier altcoins. While normally this would cause a drop in Bitcoin dominance, oddly enough, the dominance has remained solid over the past week. So, how will Bitcoin behave in the short term? Ng lays out three main scenarios for this:
- According to the first scenario, BTC price may experience some correction. In such a case, the $28,000 level will act as support. This scenario is considered more likely than other scenarios.
- If the decline does not occur, prices will continue to rise. This time around, the $35,000 level is on the rise, supported by spot volume.
- In the third scenario, if Bitcoin continues to trend sideways, money will shift to altcoins. In such a case, altcoins will gain some strength against BTC pairs.
Hot developments affecting Bitcoin price
On July 12, the US Department of Defense transferred more than 9,000 BTC with plans to sell the BTC obtained from the Silk Road scam. After much speculation over the past few months, Bitcoin seized by the US Department of Justice has finally taken action. On July 12, Wu Blockchain tweeted that the Ministry of Justice had transferred more than 9,000 BTC.
According to Wu Blockchain, the US government previously sold 9,000 BTC in March. They were also planning to sell the remaining 41,500 BTC related to the Silk Road incident within a year. Adhering to the plan, the US Department of Justice transferred more than 9,000 BTC. Additionally, two addresses were responsible for transporting the said 9k BTC. The rest of the 30k BTC remained where it was and was not moved. cryptocoin.com We have included the details of the transfer in this article.
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