BTC Sentiment Poll for August

[LogitechMouse]

Source: https://bitcoinmonthlyreturn.com/

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 ). 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%.

[Wong Gendheng]

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.

[tokeweed]

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.

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.

[Natalim]

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 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.

[fzkto]

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 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.

[STT]

I have to admit the prospects for August are not entirely enticing me at the present.

 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.

[pooya87]

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.

[fzkto]

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.

[DeathAngel]

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.

[OgNasty]

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.

[pooya87]

It is my understanding that BRICS will be created for use by member countries, e.g. China, Russia and Iran.

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!
 

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.

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.

[Wind_FURY]

It is my understanding that BRICS will be created for use by member countries, e.g. China, Russia and Iran.

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!
 

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.

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.

[Aanuoluwatofunmi]

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.

[JoyMarsha]

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.

[Agbamoni]

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

[TravelMug]

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.

[tokeweed]

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

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.  

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



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

[tokeweed]

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.

[justdimin]

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.

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.

[cryptomaniac_xxx]

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.

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.