This week, Bitcoin (BTC) experienced notable price fluctuations. Starting at approximately $53,991 on August 4, Bitcoin saw a dip to around $49,121 on August 5. However, it rebounded to $57,604 by August 7. This volatility reflects ongoing market dynamics and investor sentiment.
Several factors contributed to these price movements. The anticipation of regulatory developments and macroeconomic conditions played significant roles. Investors are closely watching potential policy changes that could impact the broader cryptocurrency market. Additionally, Bitcoin’s resilience and growing institutional interest continue to bolster its prospects. Analysts suggest that Bitcoin could soon challenge its previous all-time highs, given the current momentum and positive market sentiment.
In the broader cryptocurrency market, Ethereum (ETH) faced a slight downturn. Despite the launch of nine spot Ethereum ETFs in July, ETH prices dropped by 3.4% to close at $3,272. This decline indicates that investors might be taking profits after the initial excitement surrounding the ETFs.
Among other major cryptocurrencies, XRP (XRP) emerged as a strong performer, gaining 26.9% in July. Conversely, Toncoin (TON) struggled, though it remains up 21.5% over the past three months. The total market capitalization of the global cryptocurrency market stands at approximately $2.4 trillion, recovering from the lows of the 2022 crypto winter.
As the market continues to evolve, investors remain cautiously optimistic. The potential for Bitcoin to reach new heights and the ongoing developments in the cryptocurrency space suggest an exciting period ahead for digital assets.
You Might also like
-
MICHAEL SAYLOR PREDICTS BITCOIN TO HIT $5,000,000 AND SAYS BTC IS A ‘SCREAMING BUY’ SIGNAL!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
MicroStrategy CEO Michael Saylor believes the Bitcoin price can easily hit the seven-digit mark.
In a new interview with FamilyOffice, Saylor says Bitcoin could appreciate a hundredfold to reach a price of $5 million per BTC.
“I can see bitcoin going to a million. I can see it going to $5 million… because if it simply replaces all the indexes as a monetary index money, why shouldn’t it go to $100 trillion in market cap or something?”
Saylor, whose company MicroStrategy now owns 91,326 Bitcoin, points out that the flagship crypto asset is currently a “screaming signal” to investors, and this is aided by a rapid expansion in the money supply globally and the dominance of its blockchain network.
“In my life I’ve never seen something that was such a screaming signal. You’ve got a $200 to $300 trillion addressable market. You’ve got a problem – money is not sound. You’ve got engineered thermodynamically sound money. You’ve got a dominant network. Everybody’s decided it’s the network. It’s exploding.
The signal that is exploding is it’s growing 200% a year every year for 12 years running. That’s the signal.”
Saylor predicts that the flagship crypto asset’s growth rate is unlikely to be replicated by the FAANG (Facebook, Amazon, Apple, Netflix, Google) tech behemoths going forward, making Bitcoin the better bet.
“Now do I think Apple, Amazon, Facebook or Google are going to go up by a factor of 10 from this point? Not really. I think they’re plus 20, minus 20, plus 100… maybe they will double, maybe they will triple.”
Saylor adds that Bitcoin’s potential became far easier to understand following the economic fallout and increase in money printing that began early last year.
“[Bitcoin] got to be a much easier trade in March of 2020. And every month since March of 2020, it’s been de-risked exponentially, and then the need is exploding.”
In other trending Bitcoin News today:
Bitcoin Falls to Two-Week Lows as $6 Billion In Options Set to Expire – What’s Next?
Bitcoin’s (BTC) price has been in retreat, down 20% since the recent all-time high at $62,000 in mid-March. As crypto markets are frequently volatile, this may very well be another normal pullback within the current bull cycle.
Corrections are needed to generate strength for further upward momentum as markets can’t go up in a straight line. Additionally, a record $6 billion expiration of options is expected on March 26, which often brings some volatility.
It is also quite common for the market’s momentum to shift momentum once the options expiration date comes and goes.
The 4-hour chart shows an apparent downtrend since the recent all-time high at $62,000 with bearish support/resistance flips.
Regardless, Bitcoin’s price has rejected the critical resistance zone at $56,500 in the latest rally after Tesla announced it has started accepting (and holding) BTC in the United States for its vehicles.
🔥 Daily Letter: http://letter.cryptonewsalerts.net
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Post Views: 428 -
BITCOIN WILL EMERGE AS $100 TRILLION ASSET CLASS AND GROW 100X SAYS MICROSTRATEGY CEO MICHAEL SAYLOR!
💰 Get FREE $100 In Bitcoin When You Open Tax-Free IRA Crypto Account With iTrust Capital: http://itrust.cryptonewsalerts.net
The CEO of Microstrategy, Michael Saylor, says that Bitcoin (BTC) will emerge as a $100 trillion asset class and will grow 100X from where it is today.
“It’s pretty clear that Bitcoin is winning, gold is losing … and it’s going to continue … It’s pretty clear digital gold is going to replace gold this decade.
At the end of the decade it (BTC) will have flipped gold, and then it will flip monetary indexes, a little bit of bonds, a little bit of real estate, a little bit of equity, and emerge as a $100 trillion asset class. So, 100X of where it is right now.”
In other trending Bitcoin News today: Bitcoin, Ethereum and Four Altcoins Witnessing Mass Adoption As Crypto Market Targets $200,000,000,000,000 Market Cap, Says Macro Guru Raoul Pal!
In a new interview on business and entrepreneurial YouTube channel Goko Group, Pal says he expects the total crypto market to rise 100x in the coming years on the back of exponential adoption.
“[Crypto] is the fastest growing adoption in any technology in all recorded history. We’re going to go from 150 million users to a billion users in three and a half years. It is going from $2 trillion to $200 trillion as an asset class probably in 10 years.”
🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes & Resources:
https://news.bitcoin.com/microstrategy-ceo-bitcoin-100-trillion-asset-class-btc-grow-100x/
https://cointelegraph.com/news/el-salvador-to-inaugurate-bitcoin-city-backed-by-1b-bitcoin-bonds
Post Views: 359 -
,000: This Pattern Suggests Bitcoin Price Could Rally 135% in Coming Months | BTC News Today
➡️ OPM Wealth: http://opm.cryptonewsalerts.net
Bitcoin Price to Target $11,500 in the Short Term Because Of These Simple Factors
TradingShot – a well-respected technical analyst on TradingView – explained in a recent post that he is closely watching a recently formed inverse head and shoulders pattern for insight into where the BTC price will go next.
Based on this pattern, which he outlines, he believes that Bitcoin (BTC) will retrace towards $7,300 before rallying up to $11,500.
“I expect Bitcoin to retrace now back to roughly 7300 and price the top (inversed) of the Right Shoulder. Assuming the pattern is to a good degree symmetrical, I then expect a peak (before the May Halving) within $11000 – 11500,” he noted.
Analyst: Post-Halving Momentum Likely to Lead BTC to $20,000 TradingShot doesn’t believe that $11,500 is where Bitcoin’s 2020 rally will end, however, as he further goes on to note that post-halving momentum could lead the crypto to its previously established all-time highs around $20,000.
“The Halving will then take effect and after an initial consolidation I expect the 20k ATH to be tested before the end of the year,” he bullishly explained.
In addition to leaning on the inverse head and shoulders pattern and the upcoming mining rewards halving as bullish catalysts, he also references BTC’s position within another macro parabolic channel as a reason to be bullish.
The culmination of all these factors does seem to suggest that the crypto will soon see a significant extension of the uptrend it has been caught within over the past several weeks.
In other Crypto news today, 3 top Cryptocurrency analysts, Peter Brandt, Tom Lee and Mati Greenspan all remain Bullish on Bitcoin right now.
Follow Us:
➡️ [PODCAST PROMO] Get $25 In Free CMDX Tokens from our sponsor: http://promo.cryptonewsalerts.net
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Charts are constantly morphing. The idea of drawing a chart boundary definition to be fixed forever was discounted by serious traders 80 years ago. Often, the exact configuration is clear only after the fact. #FACT
— Peter Brandt (@PeterLBrandt) January 24, 2020
Wouldn’t trust trendlines… As everyone is drawing them as per their own bias. It can be drawn multiple ways on many Tfs. Market structure is bearish on weekly… unless proven otherwise. Wouldn’t look at daily for a trend change. The bread n butter is weekly for btc.
— Sanchit (@SanchitLuthra87) January 24, 2020
$20,000: This Pattern Suggests Bitcoin Could Rally 135% in Coming Months
Post Views: 347