The Bitcoin Price in August: Predictions and Analysis
The Bitcoin (BTC) price experienced a decrease in August, failing to surpass the $30,000 resistance level. Let’s explore the predictions and analysis of four crypto traders who successfully anticipated this bearish movement and made profitable Bitcoin trades.
Elliott Wave Count Predicts Top and Ensuing Decrease
- Elliott Wave theory accurately predicted that the BTC price had reached its top and would continue to decrease in August.
- An Elliott Wave specialist, @XForceGlobal, tweeted at the beginning of August that the BTC price had reached a local top and would correct.
- He initially set a target of $26,000 but suggested that the decrease could continue until $23,000.
The BTC price fell by 13% from the time of the tweet to the lowest point of $25,166 on August 17. Although the price has since increased, it remains possible for it to fall to $23,000.
Range Movement Correctly Predicts Drop
- Three other crypto traders successfully predicted the Bitcoin movement in August using variations of range movement.
- @George1Trader focused on a short-term range, while @Mesawine1 and Crypto_Chase analyzed the movement near the local top.
- In August, there were two main ranges: $29,000 to $30,000 and $25,800 to $26,800.
- The BTC price broke down from the first range on August 16 and fell to a low of $25,166 on the following day.
- The breakout from the second range on August 29 led to the current increase, with the range high potentially acting as support at $26,800.
Implications of Bitcoin ETF Decision
An increase to the previous range support would result in a 6% upward movement, while a drop to the current range low would cause a 5% decrease.
The upcoming decision on the Bitcoin ETF could significantly impact the direction of the trend, highlighting the importance of monitoring this development for crypto traders.
Hot Take
The predictions of these four crypto traders provide valuable insights into the Bitcoin price movement in August. Whether through Elliott Wave theory or range movement analysis, they were able to anticipate the bearish trend and profit from it. As the Bitcoin ETF decision looms, it is essential for crypto readers to stay informed and adapt their trading strategies accordingly.
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