Bitcoin Price Drops, Recovers, and Finds Resistance
The price of Bitcoin dropped on August 7, reaching $28.74k, but quickly recovered to a slightly higher level. It then faced strong resistance at $29,250, which has prevented further upward movement for the past 12 hours. However, Bitcoin also found a minor support at $29.10k, causing its price to fluctuate between these two levels and trade sideways.
SEC Decision on Bitcoin ETF Expected to Bring Significant Change
The SEC is expected to make a significant ruling on ARK’s application for a Bitcoin spot ETF on August 13. Many believe that this approval could be a catalyst for a bull run in the crypto industry, as it has been a long-awaited milestone. However, there are differing opinions on whether a BTC ETF would truly bring substantial changes to Bitcoin and the rest of the market.
Preston Pysh Predicts 100% Annual Gains for Bitcoin
Preston Pysh, an investor and podcaster, predicts that Bitcoin will see 100% gains annually. He believes that Bitcoin’s value will continue to rise as it becomes more widely adopted and serves as a store of value and a hedge against fiat currency debasement. Pysh’s prediction is based on his understanding of the debasement rate of fiat currencies around the world.
Analysts Anticipate Unusual Behavior and Potential Price Drops
Analysts have observed that Bitcoin’s current behavior is atypical, with the coin being stuck between two price ranges for an extended period. They predict a high probability of BTC dropping below $29k, with potential further drops to $28.4k, $28k, $27k, and $26k in the coming weeks. Some analysts have also identified a diamond pattern in Bitcoin’s price, which could lead to either confirmation or failure depending on its movement above or below $29,600.
Wall Street Memes Offers Stability Amidst Bitcoin Uncertainty
As Bitcoin’s volatility increases, many investors are seeking opportunities with less risk. Wall Street Memes (WSM), a project inspired by WallStreetBets, has gained popularity as a presale option. It has already raised over $22.2 million and is selling for $0.0331 per WSM. Those interested in the presale can purchase WSM using ETH, BNB, USDT, or credit card.
Hot Take
The crypto market remains volatile, with Bitcoin experiencing price fluctuations and facing resistance. The upcoming SEC decision on a Bitcoin ETF could have significant implications for the industry. While some analysts predict further price drops, Preston Pysh believes in the long-term growth potential of Bitcoin. In the midst of this uncertainty, Wall Street Memes offers a stable alternative for investors.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.