Bitcoin August Price Chart Mirrors Previous Cycles, Major Upturn for BTC Price Expected
- Bitcoin (BTC) price charts mirror that of the previous three cycles.
- This poses a major indicator for a possibly massive bullish upturn for the price of Bitcoin.
- Analysts debate potential for BTC price from a new bottom to new ATHs.
As Bitcoin (BTC) price continues to dip, analysts share two possible scenarios. One, a bullish outlook that will take the price of BTC to new highs for this cycle, and another, where analysts expect the price of BTC to dip towards the $40,000 level.
Read CRYPTONEWSLAND on google newsBitcoin Price Expected to Dip Before a Surge
As analysts share their expectations and debate on what traders and investors can expect, some insights rise above the other due to repeating historical patterns. For instance, one analyst expects BTC price to fall significantly towards the $44,000 – $38,000 price levels.
In response to this, the renowned silver-tongued analyst, known for his accurate predictions makes a statement. The bearish analyst believes Bitcoin (BTC) price will fall based on technical analysis only. Thus, Doctor Profit, known for his many accurate predictions so far, says that a fall to $40,000 simply cannot be real.
If chart analysis is the only indicator for the 40k prediction bears argument is very poor. They ignore production cost, record of lowest BTC amount on exchanges!
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 31, 2024
Whales buying between 50-60k, everything visible! Only 1.5M BTC available on exchanges, supply shock coming.
Analysts Debate Over New Bottoms or New ATHs
He says this because he expects analysts to consider human and trading psychology as well. This factor, in his eyes, will ensure that BTC will go higher in the bull run phase of the ongoing bull cycle. Similarly, other reputed analysts expect a major bullish upturn in the coming months.
The distractions are coming in one after the other to keep you from what happens next.
— CryptoCon (@CryptoCon_) August 31, 2024
The #Bitcoin price action we're seeing here comes at the end of every Blue Year. It's boring, but it's preparation for the year of ATHs, Red Year.
It's August 2012, 2016, and 2020 all over… pic.twitter.com/2M4cc56BU4
As we can see from the post above, analysts believe the dips during this sideways movement are indicators of market makers manipulating the market to exhaust traders and investors before they pump the market and Bitcoin and altcoin price with it. In the post above, the analyst even goes on to share previous market movements to recognize a recurring pattern . This pattern has been the same in August 2012, 2016, and 2020. Thus, the analyst expects a major upturn for Bitcoin (BTC) prices in the coming months.
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