Bitcoin Forum

July didn't end well but it wasn't as bad as how it feels.  It's just down a tad over 4% for the month.  I'd say that's not bad and could still be considered somewhat sideways even tho it was a red month.  Yeah...  And with momentum going down a bit, time for a new sentiment poll for this month.

As always here's the monthly chart and how July ended.  Not what I expected but it is what it is.  Stay safe out there guys.

https://i.postimg.cc/mkkWPbxs/9-EFF4-AB3-0-AAD-43-B6-8340-ECE31-B3-A4-A3-F.jpg

Just like what we have predicted on this thread is happening: https://bitcointalk.org/index.php?topic=5460216.msg62567787#msg62567787

I still remain bearish. But anything can happen, this is just a prediction. If bitcoin price plummet, $25000/$26000 would be a strong support.

I voted no because I believe that at the point we are at the price has to start going up. I don't expect any stratospheric rise, but I would say a sustained rise with some ups and downs typical of the pre-halving year. What we are experiencing these last few months is basically monotony, which at some point has to break to the upside.

I have that feeling saying the price gradual drop may continue since it has finally broken the $30k and nothing yet holding it back. We may see price around $25k by this August. This is prediction and not a professional advise just incase someone is looking at it for invest, just be guided towards your investment anything can happen with bitcoin volatility.

28k is not a long-term support or resistance point, so we cannot use it as a reference to predict the price. We can say that whether the price will be less than $30,000 or will it be less than $26,000, will it pass the $32,000 point, as all of them represent support and resistance points in the medium and long term.
In this month, there are many factors that will pressure the price, including:

• It's summer when everyone's outside and there's not much trading going on.
• The results of the third quarter will begin to take shape, so there is no active movement.
• The interest rate hike (which may occur at the next meeting) will be calculated this month, which will put pressure on the price.

So I think we will be at some point less than $32,000.

I predict that for August the price of Bitcoin would be at most $37k USD and at least $27k. I don't know why but I am in between bearish and bullish... I think that it is because of the SEC and crypto firms court cases that is still ongoing they have a potential to significantly affect the market.

I think Bitcoin's price didn't really do that bad last month; although I thought it could do better and get at least up to $34k, it never did, and I still don't think that in this month, it's going to show some bullish movement; the market might keep the range of $27k–$32k. I am not really so bullish about the market this month, but never say never; volatility never ceases to surprise us.

I wouldn't discount the potential for a deeper correction, but I don't think there's anything wrong about otherwise. I expect a sideway between $29k - $31k, but if a correction occurs then I don't expect bitcoin price to drop any lower than $26k.

I chose "no", that's because I think new investors will take advantage of this momentum to invest. Some long time investors will also accumulate, but I don't expect bullishness to happen in August.

Those who are waiting for this drop, definitely, will buy more as they are the believers of this market potential.
A lot of people are saying that they will buy btc when it drops to 30k, so let's see if they will do such buying spree.
And whatever sentiments we have, we are all just speculators. So whatever you feel will be the next movement in the market, better prepare for yourself.
It is your money at stake if you decide to invest on this market, so it is up to you how you will safeguard such investments.

It we arent to hold the current area or above, recover quickly the good momentum we had previous then it would seem likely we do visit the mid 20's at least.    Seems like we have to confirm all the lower prices of the last few months, just when it seemed we had them in the past.
  Price is below the weekly average for some time now, we lost the 50 day and so on.  The only thing thats big and matters is that the moving averages are still with inertia upwards which in theory means there are positives out there then turn this price around however its either sideways or down lately.

Overall I think we confirm the pricing then we move, its drifiting its slow so any idea of conclusion and resolving negatives is distant for now.

I think we should expect more of bull than bear in this month of August even though it may appear to be very volatile but there's going to be more of the bull market than being anticipated for the bear to come, maybe this could also tip up the edge a little bit more over $31,000 if the resistance is overcome with this present market conditions, a little ore clearer we can see from the data to read from the weekly candles if well speculated, there may be more features to come out with.

I'm on the no side, but even if it actually did fall down, I believe the market support would gradually be stronger, maybe even stop at $25k completely before starting to go back up slowly again. It wasn't that odd in the first place for it to start going down, it took a little over 3 days for it to go up from $25k to $30k after all, which is rather fast imo, compared to the expected steady but gradual increase in movement expectations I had before. Well in general it isn't a big change, nothing we hadn't experienced in the past month or so really.

The month of August - September last year became a monthly decline in bitcoin, if this cycle continues to work then the beginning of August will be the beginning of the decline until September.

We can see now that Bitcoin is still holding in the $29k price area and it is difficult to break $30k.
If this continues and the support is not strong enough, we will see one more drop.

We need to be prepared for anything that happens, and prepare a reserve of money to buy back in.

Take a look at this Bitcoin Monthly Return 2023 Table, all the downs and ups each month have been recorded and it's just a matter of seeing what the market conditions are.

https://www.talkimg.com/images/2023/08/02/Qxnr9.png
Source: https://bitcoinmonthlyreturn.com/

This July I'm surprised that it didn't break the $30k I predicted strong support going in the $30k level and staying there, but if there's another drop I welcome it and go for it this could be the last drop for this year then it will take off, provided there's no more bad news that could harm the market, there's a lot of surprises this year heading to the halving year, but I'm very positive that another all-time high is coming and we should prepare for it.
Of course, this is not a piece of financial advice but my views and I could be wrong, I always tell this to all my friends who I urge to invest.

Yeah, It seems that market sentiment has not gone up much this month as you stated above. The reason is, if we look at the Bitcoin Fear and Greed Index, it has returned to “greed” status with a score of 51 today Wednesday (2/8). The score briefly dropped to as low as 41 in mid-June, when the SEC launched several lawsuits against high-profile crypto companies. At least, the Fear and Greed Index also helps gauge crypto market movements and market sentiment, which is useful for crypto investors who may just be sitting idly by and wondering- ask what to do. will happen next.

It's still early in the month so it's difficult to predict where the Bitcoin price will go. But whatever happens, we have to be prepared and if it is a downturn, we can use the moment to buy more Bitcoins. I don't think about where the Bitcoin price is going because I'm still thinking about how to collect more Bitcoin in times like now.

Bitcoin wants to go back up or even down, it's not a problem for me. The important thing is I can still buy more Bitcoin. And now, the price has returned to the $29k level and hopefully, this month, the price can reach the $30k level or even increase to $35k-$37k immediately. That is the hope of many and people are eager to see the price increase again.

Congratulations to those who managed to enter at $28k yesterday because now they can take advantage of it. Or they can wait until the price goes higher to take their profits.

Interesting table. As I see it, the cycle-wise years that would correspond to this 2023 are negative return in August. So it happened in 2019, 2015 and 2011. Although history need not repeat itself, this makes me more pessimistic than I would have been at first, before seeing the table. And September has not historically been very good in this respect either. Hopefully the statistic will be broken this year.

Bitcoin increased above $30000 several times in July. That means it breaks the $30000 resistance but it was unable to increase much above $30000 as the resistant price was $31800.

You need to know that bad news that can decrease the price of bitcoin can come at anytime unexpectedly. Also good news that can increase the price of bitcoin can come at anytime. People may not be expecting it at all. Saying there is no bad news that can further reduce the price of bitcoin is not accurate at all.

Starting with an open price of $29.2k, I still have the view that the Bitcoin price in August will not experience a further correction. $29k is still a good support price for the chart journey this month. If on the way there is a correction, then my estimate will not be too deep. This means that I do not dismiss the analysis that there will be no further decline, but if there is a decline, it will not reach a price level below $22k, even though there is an analysis that August to September will be months of falling prices.

I voted for No. So for me we have a good chance by this August to go back to $30k'ish again and maybe hit $31k or higher. The biggest support for now should be $30k and the bulls are going to defend it this month.

We went $28k if I'm not mistaken, but with some good news, we are back to $29k++ again so it's a good sign that at the start of the month, we have seen some rally that might see the price to go on the upward of $30k, in my opinion.

The Bitcoin cycle never changes, it is always the same and if we look at the Bitcoin chart from the beginning to today based on this picture, there are clearly 3 notes that we need to pay attention to:
1. Green Arrow = Up
2. Red Arrow = Down
3. Blue arrow = Sideways

This is just based on my simple understanding, don't swallow it whole. You can conclude the answer yourself and look again at the pictures and arrow symbols that I have made. Determining investment or trading is the responsibility of each and for Bitcoin I still believe in the cycle.

Yup I based July's sentiment poll on something like that table.  But it didn't work out well because July was expected to be a green month.  Lol.  I think the voters were primed to be more bullish because of it too.

But yeah...  Maybe August will end up being a good month since July went down and had a bit of a break after having a good month the month before.  Dunno...  As usual, stay safe out there guys.

Yes, we ended last month not pretty good but it was still a good price for me. But talking and predicting what will happen this month of August, I was positive that it never goes back down below $28k instead, I was optimistic to see it moving $30k plus. Why? I believe the demand increases before halving and that is what I expect in a few days from now. I'd see more support coming from new investors. Of course, I don't think it go straight but certainly, we still witness the up and down of market prices.

If Bitcoin drops to these prices, I think the expectation will be met and then it will rise. Otherwise, it gets stuck in the current price range. In order to rise, you must first fall. 25-26k is a good level for Bitcoin price.

I voted yes. The market has a bearish expectation and the price won't get where it wants to go without it. If such a decline occurs, we may see a better price increase in the next rise.

I think the market should not rush. We are only in August. I think the price will drop a little more this month and then rise in the following months. The reason for this is that the expectation of 25 thousand is widely spoken in the market.

Yes it is very possible and I also see movement from the beginning of the year and I think it is still quite positive despite what happened from August last year but I am optimistic that Bitcoin price will remain around 30k in this August and it is very likely that will increase (albeit slowly and slightly)
I think so after seeing and feeling what has happened throughout this year, many of us have seen a positive trend and most likely it will continue.

It is a no for me because Bitcoin have taken enough liquidity around $24,700 region. What we are seeing is a build-up of momentum to test the $36k region. A little fundamental now is enough to propel this move.  

Anyone expecting BTC to drop to $24k again might either miss the coming bull runs or enter at a very high price.

The return for 2015 was around 48% and the same at 2019 was around 91% for example, which means that the direction was same but the amount was super different. If we look at just August we can see that one of them was 19% down and the other was less than 5% down.

So, we could easily say that direction may or may not be the same but that should be not an important difference. I think August could be a down month, but I am not expecting it to be too much down. I think somewhere around 27k levels would be realistic. It could also be an up one and make a difference, it could be different, but the reality is that I think the next two months will not be amazing for us. However, I think we will slowly start to go up after that and keep going up for a very long time, like for 2 years in a row.

That's just a statistic and the repetition of the same market will not always happen.
That's just as a reference that in the same month the market experienced several declines and increases.

September seems to be quite a scary month because for 6 years there has always been a long decline, of course we have to be prepared for it.
Make sure your reserve funds are enough to buy below.

But if things go the other way and not like last year's chart, then this will be a significant change for the crypto market.
We all hope for the best, ups and downs are the nature of crypto.

I like when people look out to the monthly, gains losses and movements because thats probably far more important and easier to discern a trend in.   Us scrabbling about during a week trying to decide the direction is quickly looking like nonsense as BTC price action runs rings around us.
  Monthly bars is going to take alot more time and patience to quietly assess its progress, tortoise and the hare fable perhaps :o   slow progress wins out.  2023 has been a positive year so far but it sure doesn't feel much like it, we're climbing a hill and its a hot day the struggle is real :D
   The one point I was going to make is that the monthly bar view would fit against something equally gigantic and lumbering like the US dollar index which in some way describes alot of the worlds currency flows because of the global reserve system and each major central bank holding some reserves of the others etc.
   Convoluted as that Forex idea might be I would hope its quite simply observed in that we did fail to break the 100 mark recently to the downside, this would have been a big deal; inversely 100 and lower DXY relates to the recent peak BTC pricing I think.   So in simplest terms do we now have to test the upper boundary or range to DXY and see reaction there.   Lets hope DXY finds a ceiling well below 105 and this then marks off August as either a positive month or a turn around for BTC Pricing in 2023.  I do also think Autumn brings storms and harsher moves.

While it's nice to check out monthly progress for Bitcoin. Usually with these sentiments, it's just getting harder based on the news that circulates around. We get some good and decent bad ones.

While the entirety until the bull run comes, I'm all bullish on it. But for this month, it seems that we're going to be sluggish as what the majority in the market seems sluggish as well including Bitcoin.

Well, they can always buy in the middle range during the bull run.

This time I predict the price will move sideways and tend to go down which indicates that moving up will experience difficulties because price support during July was not that strong. Yesterday the price increased almost past the $29.87k price and lasted only a short time then came back down.

Whatever will happen in August, we can still bear with what will happen because this is only a cycle even though the monthly return table displayed by taufik123 can be an assumption for August the price will stay in the red.

Historical data tells us that August and September are not good months. In most years, the color was red compared to blue.
The problem with such tables is that the change is calculated on a monthly basis, meaning that you see the change on a monthly basis, and it may be misleading based on how Bitcoin performed in the past month. you find that the average annual profit and loss is different from the average that is calculated from the top and bottom of the cycle.

It's summer and I find the decline logical, I have an order that is supposed to arrive and some government transactions and almost everyone is on vacation, so calculating that we will be below $31,700.

I also predict that a strong correction in August is unlikely. But if the prediction is long term, meaning from now until the bull run actually happens, then $24k is easily possible. I even believe that another black swan will come and make everything of 2020 repeat. The covid pandemic caused bitcoin to drop from $12k to $4k before the halving, and that could also be repeated with some bad news driving the market down. Of course that could be bad news for the market, or for the world economy, not I'm talking about another pandemic.

It seems that August was a positive month only in the years after the halving, (2013, 2017, 2021), and mostly negative in the other years. It is possible that this trend will continue this year, which means that we could expect the price to drop, although it is impossible to predict whether it will be only a few percent or something more serious.

Anyway, it seems to me that the chances of sliding down are slightly higher than any significant progress in the next 2-3 months.

Interesting, I assume it won't because it has been like this for a while and usually during this period whenever it goes down, it then bounces back up, not a lot, but a bit above 30k, could be maximum 32k, nothing more than that. I believe that the price would be somewhere around 30-31k levels and that should be good enough.

I can't really say when it will do and how it will do it but I feel like that's what's going to happen. Do not invest according to what I say of course, I am not really responsible for it if you do. I just "feel like it", so I do not know anything. If you look at the past 3 months, you will see that it goes under 30k and then goes above 30k and that's how it goes so far and I think that may do again.

The positive momentum has really been there throughout this year. Bitcoin has done x2 since January. But still, there have been no serious corrections in these seven months yet. Without corrections, the price cannot move upwards. There have been several attempts to break the resistance around 32k, but so far it hasn't happened. I don't know what will happen in August with the price, but I expect a correction in the near future.

For me we could be trading sideways again, as we can see we can't even break $30k again, which should be the support. However, this early, it remains as the resistance.

But if I'm wrong and then we see in the next couple of weeks that we can jump in again and reach at least $31k, then it's good for the market. However, we need a positive news before the bulls takes over the market again this month.

Bitcoin has been in an area for the past few months and has tried to build momentum many times and those moves have failed. In the area that Bitcoin is in now, we may see a healthy correction before the next uptrend. Now anything can happen because Bitcoin can go in any direction. The condition of the traditional market is also not good which will affect the price of Bitcoin as we have already seen the effect of the traditional market on Bitcoin as well. Whale traders don't move toward the next big move without increasing their position.

There was positive momentum in the market at the beginning of the year, which was comforting to Bitcoin investors and they expected to see more big moves but Bitcoin failed to break the strong resistance. Hopefully after a correction Bitcoin will regain positive momentum later this year.

Misleading or not it depends on how well you digest the table. The cycle written in the table is indeed the performance of Bitcoin in one month, each monthly candle closure will be recorded whether it goes down or even up. So I don't think there is anything misleading.

The opportunity for bearish does look bigger, and seeing now the negative sentiment towards Bitcoin is quite a lot.
August is the bearish starter and September might be the deep of the bearish of 2023.

Hopefully, after the early bear market is passed by Bitcoin, October can be a bullrun month like in the October table which is always bullish since 2019.

It seems to me personally that we should not expect too much influence from the bulls until the end of this year, and possibly in the first months of next year, because it should be borne in mind that all those who invest in Bitcoin currently want to keep the price as low as possible. The accumulation phase is still ongoing, and the only factor that can disrupt this situation is the possibility that the spot BTC ETF will be approved in the US before the final deadline, which is sometime at the beginning of next year.

Yes the past month wasn’t high enough as we expected. Still Bitcoins managed to keep the price above 28k usd in the past month. If you ask me then definitely Bitcoin didn’t do bad, but it didn’t do well also. Nevertheless we know next year it will be big for Bitcoins, so yes we have to accumulate the coins now in order to make good profits during the bull run. I don’t have any high expectations from August, but assuming that the price will at least cross 32k usd. September will definitely be big according to my assumptions.

What you say is true, those who are long-term investors and believe in the potential of bitcoin, they all want bitcoin as cheap as possible because it will be easier to accumulate. But from what I see, not too many people are expecting that, most people just want bitcoin to recover and rally, even many are hoping for the bull season to come early this year. And the market likes to go against the crowd, the more bitcoin predictions and expectations increase, the more bitcoin will move in the opposite direction.

So my prediction is that there won't be any positive movement this month or year-end unless there is some big news.

Desires are one thing, but reality is something else - and what is happening now has already been seen many times, and I remember it well because I am practically reading the same things that I have read many times in the past. The difference, of course, is in the numbers, that is, in the price of Bitcoin. It's strange that anyone expects something like that to happen before the halving, as if the past doesn't suggest that the exact opposite should happen.

In addition, not only some investors in Bitcoin are nervous, but also those who are in altcoins and are waiting for something to happen, and everyone knows that there is only one locomotive that can pull all these wagons forward.

If I were to make this comment when this thread was created, I could have said a totally different thing, as the current market conditions have made me rethink my prediction.

The month of August has already started with a downward move, which we have already seen go below 29,000, which is in the range of $28,800–28,900. which to me is not really a good one; I still can't get the main reason for the market's fall, but either way, I still see hope for the market to recover, but we will definitely see 27,800 before that could happen, and it sitting below 28,000 is something I don't see happening. Before the end of August, it should be in the range of $29,000–$30,000.

And everyone will eventually get restless, but for those who expect prices to continue to fall to buy cheaper, just see how the market will work.

Being in the top altcoins like Ethereum certainly hopes that it will experience a joint rise like Bitcoin.
But there is no guarantee the Altcoin bullish season will happen before Bitcoin makes its move.

The locomotive seems to be on hold and is still full of empty cars, it must be filled for the journey to continue.
Bitcoin as the driver must warn them when it wants to continue the journey at a higher level.

Are people anxious for the short term? Not annual investments.
Yes it's obvious from them seeing the price go down because they want to be able to buy more from the low price, I'm a bit analytical that the market will work its way down later this year.

It's possible that the rise of ETH and BTC will be the same, but we know that's not certain.
Yes, usually the altcoin season starts with bitcoin and then altcoins follow.

They will definitely be anxious if they do it for the short term because the fluctuations will move quickly and it will disturb them mentally.
But for long-term investment, it would be best to have no anxiety and already determine to take profit at the highest price increase.

and now buying a lot at a low price is still very much worth it.
We'll see by the end of the year, but August and September were full of negative trends.

Whether or not the increase is the same depends on how dominant Bitcoin is.
Sometimes Bitcoin just rallies on its own without Altcoin.
it is based on Bitcoin's increasing dominance while Altcoin or ETH decreases.

But if bitcoin dominance is reduced and more likely to stabilize (although high) it can trigger an altcoin increase or recovery.
We will wait for Bitcoin season and Altcoin Season, it will be an exciting and profitable day.

Usually August is just a normal Month with no major movement as this is considered as ghost Month so we can’t see big investors coming in to this market until August is here. I expect nothing big for this Month, let’s just hope that the price will stay above the support level so we can have a huge chance for a pump next Month, September might be a better Month for the cryptomarket, let’s wait for more updates in the market.

You can't be 100% sure bitcoin will do well next year. Yes, halving has always had a positive effect on the price, but we know this because it happened in the past. I think this could be an easy trap to manipulate. After all, anyone can buy bitcoin now and sell it for more in a year. Maybe one day it won't work. This summer has been neither bad nor good for bitcoin. Hopefully August will not disappoint us.

I have no vote on this because nobody can predict accurately the movement of bitcoin and besides the price of bitcoin is determine by the rate of the demands and supply, so it's obvious that when bitcoin possess more of demands the price skyrocket above some of our predictions and expectations, bitcoin doesn't have a constant price in which we can say it we shall say to experience a heavy bearish or bullish, so I believe that the price of bitcoin can go downward in this August or go upwards, so it's depends on the ability of investors to invest more or buy more of bitcoin.

Today the price is red again and the hope that this week can reach $ 30k doesn't seem to happen, of course this makes us have to be patient waiting and hoping that the bear market will end soon, I'm still optimistic that in August the price can reach at least $ 33k.

If it manages to stay steady, we might witness a rebound to around 33-34k. There's no need to be concerned. Bitcoin is generally a safer investment compared to most other cryptocurrencies, but it requires some patience. It doesn't matter if we're still in a bull market or if a bear market is beginning. BTC should follow a positive trend eventually. Just stay patient and keep an optimistic outlook.

People should patient and opportunistic during a bear market. 8)

There's always a Silver Lining somewhere. Instead of being stressed that there's some probability for Bitcoin to crash below $28,000, try to find good price points and plan your next bids if you have some disposable income. If you don't, try finding a job/a second job to earn extra income and keep them as savings in Bitcoin.

It is very difficult to determine what the price of bitcoin will be this month because bitcoin is not fixed and its price always fluctuates. Bitcoin price fluctuations are influenced by news speculation etc for example, when negative news is released, many investors rush to sell their bitcoins. It reduces the price. If positive news is published again, it is the opposite but the crypto market capitalization has increased slightly but the price of bitcoin the largest currency in the virtual asset market, is much lower but coming up this month can go to $30k after the halving, the price may increase if demand is strong and outstrips the reduced supply.

After briefly returning to $29k a few hours ago, the price is volatile and still drops to $28k, then rises to $29k. I think the price will remain like this until maybe the end of the month, especially if no positive news supports Bitcoin.

But I still believe this is only temporary and eventually, the price of Bitcoin will increase greatly. So I think we are still preparing for what will happen this month so we can decide what is best for us. And hopefully, in the middle of this month, the price can return to $ 30k or even reach $ 33k again.

But if that doesn't happen this month, I hope we can still be patient because our selling target is still far from achieved. And actually, we are still allowed to buy more Bitcoin at this time.

In general your opinion is correct, but when you get to the speculation part it is at least important that you have a good argument to be considered. I also don't have a crystal ball to predict bitcoin price accurately, everyone is the same, but maybe I should believe that during the month of August bitcoin price will not drop below $28k.

Market conditions appear to be going sideways in August after in July the bitcoin price failed to break $32k. Of course we've had a $3k correction, but that's paltry compared to the July gain. Investors have been waiting for a downside move, but I think people will try to hold the price above $29k through August even if it drops to around $28.8k for a while.

This is sentiment in August so it is only temporary and speculative in August.
Rapid increase will definitely happen but when is the time never know maybe my scenario is that in 2025 the price of bitcoin can be rapid.
In August I am more inclined to decline even some say in some other speculators bitcoin can be below $20K again but we are not sure and bitcoin can still survive at $29K.

Want to go down to $15K or even go up to $50K this month we don't care just a little reminder that all of us as bitcoin holders have to be a little patient again because Halving will not reach 1 year with that event, after that we have to be a little patient bitcoin rally back.

Yes, I also felt it this August because if we look at Bitcoin's journey over the past few months, it seems that the Bitcoin price is still unable to penetrate the $35k level and the highest is at $31k (if I'm not mistaken). So a bear market is still in the market, although there must be a moment for Bitcoin with every dip.

The movement of Bitcoin seems to have been arranged so that the price of Bitcoin does not move too high first so that investors can accumulate lots of Bitcoin. So don't be surprised if there is another drop below the current price and prepare for all the possibilities.

A lot of speculation still says that the price could fall even further, but we shouldn't believe it right away or even panic. We have to stay calm first to see if there is an opportunity to use it to our advantage or whether we still have to analyze it again.

What matters is that we can have more Bitcoin before the Bitcoin rally begins. That's all this short term and medium term goal so we should be able to set aside some money to continue buying Bitcoins. Bitcoin journey is still long so we must remain patient first.

It seems to be expected to reach $30k this week and may have a range of $32k. I am hoping that the bear market will end soon, I am still optimistic that the price can reach at least $33k by the end of August. Although it is early August. So it is difficult to predict where the price of Bitcoin will go.The market is looking red now so investors can take advantage if they want, I think many investors are still trying to buy and hold Bitcoin.We should be patient on market dynamics.

there is a strong stand that we will keep this up and will not go below 28k as it was proven recently.
though we are far from ending this month but at least, there is a good spike from 28k now back to 29 and still climbing.
I believe that we will not go bellow 28k at least not this month of August .

It's kind of hard to predict because... it's Bitcoin.
A good information coming from the chart is somehow there has been a pattern on how Bitcoin's price will be in the month of August. 2 green years followed by 2 red years, except for 2014-2016. I know this isn't enough to say that Bitcoin might go even lower this month, but just by basing on the pattern, there is a chance that it might go even lower than $29,000.

A support of $26,000 is what I'm expected. It seems like the hype around the Blackrock filing that Bitcoin Spot ETF is already gone. Just so you know, the SEC can decide whether they will accept it or reject until February of 2024, and at that month, it is near the Bitcoin halving (at least), so if I will give an advice, I would suggest to slowly take this year 2023 to accumulate more Bitcoins for the possible bull run 1-2 years from now. Of course not a financial advice (like what those crypto influencers are saying to their followers to avoid getting blamed :D). Blackrock's application for the Spot ETF will be the catalyst on a possible bull market possibly next year, or it might be the other way around.

Anyway, I expect the market to go down even lower for this month, but not down as what others are thinking. Maybe down at around 5-8%.

The current price of bitcoin is always interesting for us to observe, especially after the biggest increase that has occurred in January which reaches more than 40% and in my opinion the potential to skyrocket is very much awaited, the fact of August until now cannot pass $ 30k so that it makes us have to be patient and don't panic.

The thing when I make these polls is it's not about getting the right prediction when we get to the end of the month.   It's now you feel about the market when you made the vote.  It's not a contest.  I just need what the sentiment is for the first couple of weeks of each month then I lock the poll.  And that's it...  It doesn't matter whether you were right or wrong.

But yeah, the sentiment now looks a bit positive which is good and right on the money.  BTC seems to have found solid support a tad below 29k.

The price of Bitcoin had started to pump just yesterday and the chart is still in greed color which would tell us that it was picking up high. But yes, it wasn't enough to reach $30k and we don't know what holds them. However, I was not disappointed yet instead, I was positive that this month of August we are able to break the $30k. Well, for now, I was not thinking about skyrocket price, this year 2023 isn't the year of Bitcoin as it was still in favor to meme coins but despite with the current situation, faith is still there.

Compared to last year, this year could well be called a good year for bitcoin. The price is now more than double what it was at the beginning of the year. It is hard to say what will happen until the end of August, but this month is also favourable for bitcoin so far. I hope that the remaining few weeks will not bring a fall. But it's also probably too early to say that 30k will be broken.

I have to admit the prospects for August are not entirely enticing me at the present.
https://bitcoinity.org/markets/image?span=7d&size=medium (https://bitcoinity.org/markets/image?span=7d&size=medium)
 This little graph view is kinda useful and in this case its quite obvious in displaying the double top.  Its only 4hr bar type breadth of reference but still not a great look so far this month.

I dont mind resolution that leads to good targets, thats a proper trade and we shouldnt attempt to be biased in wanting up or down just accept the trade direction and bias.  However I'm not sure we have bias, we have more of a stuck situation where it went up and appears to be ready to repeat back down again.   Im not convinced the twin peaks there means we goto 25k, its probably going to take more then that.

This month the biggest thing I'm looking for is the new BRICS currency that is going to be announced soon. Based on the effects it is going to have, we may see some effects on bitcoin. It will either do nothing to the dollar value or it will kick start its downward spiral, only in the second scenario we can start seeing an interesting bitcoin market with a good potential of big rises.

It is my understanding that BRICS will be created for use by member countries, e.g. China, Russia and Iran. I think this will have little impact on the cryptocurrency market. The mechanism for the creation and use of this currency between countries has not yet been determined. So it should not affect bitcoin in August or any other time. I would not pay attention to this event.

Bitcoin may continue its bullish trend from July 2023 as it breaks above the $30,000 resistance level & forms a higher low pattern on the weekly chart. The upcoming Bitcoin halving event in 2024 may also boost the market confidence & anticipation as it will reduce the inflation rate and increase the scarcity.

Some analysts & investors predict that Bitcoin will reach $100,000 or even higher before the next halving while others are more conservative & expect a gradual increase to $35,000 by the end of 2023.

A possible range for the Bitcoin price in August 2023 could be between $28,000 and $35,000.

The chart does make it seem like we could be headed downwards for a bit. I don’t think this is a major problem though. It’s somewhat expected at this point. It’s also expected that the recovery will send Bitcoin to new all time highs in the next 2 years, so I would focus more on that and look at any dips as opportunities to grow your stack.

BRICS is already created 17 years ago and the members are Brazil, Russia, India, China and South Africa while Iran is more like an unofficial official member!
 
Directly it will have no impact on bitcoin. Indirectly it might.
My argument is mainly regarding dollar value since we all know that dedollarisation is happening and that has decreased the value of dollar (mostly negated by heavily increasing the interest rate as a short term remedy) and the more dollar goes down the more other currencies such as bitcoin have to go up against it.
Now with BRICS being on the brink of introducing a new currency, if they do reveal it in this month's summit, this could be the start of a much faster dedollarisation and a bigger dump of the dollar which could lead to bitcoin price going higher.

This is why I'm eagerly looking forward to see what happens since also this can technically be a significant global economic event and another step in the direction of new world order.

Projections about BRICS success are overstated in my opinion. Why would be leading their new currency? Of course it would be the country with the biggest economy - China. But China is currently suffering a deflationary period and might go into a recession. Plus Russia is fighting a war that might take longer than expected depleting them, and all of the other countries in the BRICS can't be trusted to entirely stop using the Dollar for trade because they're so dependent on it.

Just as I've supported from the vote I supplied through the poll as demanded, I don't see bitcoin going down below $28,000 for now, we could see how the bitcoin market makes moves on going as far as $30,000 before a resistance was laid which also brings it back to $29,000, currently now there's every possibility for more attempts to see bitcoin rising above $30,000 to $40,000 since it has been this low for more than three weeks maintaining $29,000.

From the start of the second quarter of the year, each month of it till now, I have been anticipating a strong performance from the price of bitcoin, but it really looks like the price has been stuck between a certain range ($30k-$29k) without crossing or dropping below that range.

It is just today that bitcoin fall below $28,850k price and this looks like an opportunity to grow more of your holdings in Bitcoin is beginning to open up for everyone this August.

For those of us who wish to take advantage of the chance to buy bitcoins when their price declines and hold onto them until their anticipated bitcoin price emerges. The ideal time to do that should be during the month of August.

Its obvious btc won't exceed 32k this month. It will go between the range of 28k - 32k and am certain of it.

Yes, as we have seen, the price did go down below $29k again. And with that, we might see sideways pattern emerging along the $28k-$32k.

Nevertheless, we are in a familiar territory, this has been going on for at least 2 months, starting in April and then we just have some movements along the way pushing it to $32k but that's it. After the news of the filing of spot BTF by Blackrock, it didn't have the momentum to push the price even further and on the contrary, it decline like every month again.

K bro.  I mean of course there's a less than likely scenario of it going above 32k happening after seeing it go down a bit below 29k.  Lol.  But then again we're still around the middle of the month, so you never know.  There's a thing about BTC that catches you with your pants down. ;)  Just be ready to pull it back up.  ;D

Anyway locked the poll as per our custom in these sentiment threads.  Here's the result.

https://i.postimg.cc/tCxm8FCK/B1974-A30-AC06-4-CEB-9-F67-B1011-A5-B7-F57.jpg

And here's what you guys are voting for.  Still holding...

https://i.postimg.cc/053BtVxG/C8-B79618-D161-45-DE-98-FF-D9276-B2-A7237.jpg

I waited for all the dust to settle before getting another chart up itt.  So yeah, 28k support broke and as I said a couple of times before next support is around 25k.

We saw it last as resistance which BTC broke out to around March 15 - 16 and got retested as support around June 14 - 15.  So it looks like now it's being retested again.  Not really sure if it holds or not esp after seeing how 28k got broken down easy, but for now the long bottom wicks look promising.  Stay safe out there guys.

https://i.postimg.cc/Fs2q5cMy/C890-D198-0326-4-A50-87-F1-D831647455-A8.jpg

But by the looks of it we are up in the last day? I mean if there is a support that was broken, by that logic we could also have a resistance that can be broken as well can't we? If that happens that means we are going to end up with a result where the price goes up, and should be something to care about as well.

I understand that some people may not enjoy that situation but that is the reality and we should be considering it as a good thing. I know that life is not that simple, but we could still just hold it as long as we can and hope that resistance is broken instead of support. We have gone down enough, I think it's time for us to start going up a bit more and make a profit, time has come for that to start.

Well it's obvious that the support line of $28k is now our resistance level. We are now at $26k and assuming that this will be our support till the end of this month as I'm not seeing any chances in the sentiments of the market.

True, it's definitely not a good feeling to see the price going that low this August. Although maybe there's quite a few that could have anticipated this kind of movement as we are in a boring sideways and just a matter of time before we broke down again.

Next week the monthly candle will close, which will probably be red. It turns out that the price has been falling for several months, but so far it is at the support level. I hope that at the end of August there will not be a serious fall and next month there will be a bounce from the current level.

Bitcoin price has turned completely different from the position we were looking for in the current month. However, most people expected the price of Bitcoin to move between $30,000---$35,000 in August. But it has reversed again as this month came the Bitcoin market fell sharply and touched $25,000. However, when we saw the price of Bitcoin at $30,000, there were bullish hopes, but the market is currently dumping the price at $26,000. Such volatility is very intense in the Bitcoin market, but since the market is still in the same position and not exerting much upward force, we may not be able to cross $30,000 this month. However the current position of the market is the best time to invest from here because if we cross $30000 in the next month there will be a chance of good profit.

the possibility to increase is indeed there is no sign of heading there but indeed a correction is more visible, but this is a natural thing because the market situation has not yet led to an improvement, of course it will affect the movement of bitcoin.
the current price compared to 3 months ago seems almost the same but when compared to 6 months ago it is even better the current price, will it be corrected like 6 months ago?
maybe everything will happen but there won't be any improvement yet, I agree with you of course it's time to continue to buy and hold it, when it can be done.

@tokeweed you're thinking this retest holds? I'm waiting (have been) for a supernova dip in global markets to prod Bitcoin into some wild move and it appears Fed hikes are still on the table so I might be waiting till halving.


More usual nonsense in speculation heh. "Best time to invest" is hardly the conclusion at any current position because "if we cross" we make profit? If we don't then what, is it the worst time to invest?

"Good profit" is $30k after a 26k buy-in? Name your price for the best buy-in, show us some trades so we know you at least back yourself.

^  I really have no idea tbh.  I'm just drawing lines around spots where the action started and where it stopped and vice versa.  Lol.  And right now it's moving down close to the previous resistance aka current support.  For now it's holding and with the long bottom wicks in the daily chart, it looks like all sell downs at this range is getting absorbed...  For now.

So yeah, it's all if more buyers show up now.  :/

And can't really blame you for waiting if you're looking to take a long term hold.  With all the crazy stuff going on with the war in Ukraine, the inflation all over, etc, etc...  It all could go down.  And if some people think crypto is immune, they're wrong.

It is not really something you see gradually, you can't really see it happen minute by minute, it is something that happens suddenly which means that we are going to end up with a situation where the price will stay around here for who knows how long, but it could be either a long time or a short time, then suddenly it will go up like crazy one day out of nowhere.

You can't predict which day it will be, but if you wait for it then you are going to be late when it happens. This is why people buy it at 26k right now, and willing to wait, because when the time comes it is going to skyrocket in a single day. This doesn't mean it will be 70k in a day, but it can be 28k or even 30k in a day and that is what people are waiting.

Indeed. It was around the level I thought would act as support, but instead it's now turned resistance it seems, given that it failed to act as any support and now after re-testing is holding as resistance. Also the 200 Day MA is at $27.5K while the 200 Week MA is at $27.6K. Despite yesterday's move to the upside, today is very much turning me bearish with these MAs acting as resistance for a target of around $23K if $28K won't break as resistance. Also think it may take until the end of the year to even get to $23K, in order to additionally complete around 10 months of consolidation which would be a positive sign for 2024.

The month of August was actually redder for the bitcoin market even though it is currently a little greener than a few weeks ago. I have no doubt that bitcoin will be close to its current price for the coming weeks and for August in particular we only have one more day to see what the closing price range will be. September will probably have a price movement above $28k-$30k and I am also still doubtful of breaking through the $35k range and above because the closest support before reaching a correction never continues in the $32k-$31k price range.

So the positive value may be that for the next few months we still have the opportunity to collect bitcoin much larger than usual and it all depends on the availability of capital that we have. In particular we are not talking about the DCA pattern as a step to enter the market because some people we know will definitely take advantage of the dip to buy.