Crypto analysis: What will the crypto market scenario in August

[Cryptocrit]

The recent surge in Bitcoin suggest that investors are felling very positive about BTC future

The crypto market ended July on a high note, with Bitcoin's sentiment reaching bullish levels as it neared the significant 70K mark. This surge in optimism suggests that investors were feeling very positive about Bitcoin's future. However, when there is such a strong wave of positive sentiment, it often leads to a price correction. So, in the first days of August, Bitcoin might experience some price fluctuations. According to Santiment, a reliable (FOMO) indicator showed that this was the best "fear of missing out" signal in 2024.

July's end saw a shift in sentiment after the Federal Reserve kept interest rates steady at 5.25%-5.5%. This announcement led to a decrease in social activity around Bitcoin, causing its price to dip. The percentage of Bitcoin supply in profit dropped to a two-week low of 85.6%. Historically, Bitcoin tends to rebound when this metric is in the 75%-80% range. Additionally, when the 365-day Market Value to Realized Value (MVRV) ratio briefly dropped below 0% on July 4, it was a prime time to buy Bitcoin and earn a quick 15% profit.

https://www.cryptocrit.xyz/2024/08/crypto-analysis-for-august.html

[Churchillvv]

Perhaps you're analysis might be right to a great extent and for some reason I haven't been following up things to monitor how high or bitcoin has gone in the past few weeks.

For the records this topic doesn't belong here it's obviously a speculative discussion on bitcoin which could fit in to the Bitcoin discussion board or the speculation board. I would rather you move to any of the above mentioned boards as it's inappropriate here.

[Aanuoluwatofunmi]

We just have to take it as usual by giving our very possible efforts towards ensuring that we made the necessary speculations on the market in ither to be close to the accuracy on the market sentiment for this month of August, because if we look more closely to the markets in crypto these recent time, we may find it more of being unpredictable due to the high volatility which talks about its rise and fall, those who are able to give enough time will arrived at something under its speculations using many market indicators for possible directions.

[Akbarkoe]

Perhaps you're analysis might be right to a great extent and for some reason I haven't been following up things to monitor how high or bitcoin has gone in the past few weeks.

For the records this topic doesn't belong here it's obviously a speculative discussion on bitcoin which could fit in to the Bitcoin discussion board or the speculation board. I would rather you move to any of the above mentioned boards as it's inappropriate here.

But this is also interesting to discuss here, but we must correlate it with the development of altcoins, because Bitcoin's sentimentality towards altcoins does greatly affect the movement of altcoins, If we see that bitcoin has increased on July 4 to the end of July, then we also note that altcoins have experienced significant increases that can be more than 20% of the movement.

Likewise, there was a decline in August, and bitcoin experienced a decline of more than 10% over the past week, the curse on altcoins reached more than an average of 10% +, and this is a scary thing in altcoins, besides BTCD did experience an increase of up to 55.76% with the market index in the midst of fear ang greed from the crypto market.

[Yamane_Keto]

The Fed's change in interest rates does not mean an immediate increase in the price of Bitcoin, as cash flows need a little time before they are transferred to Bitcoin, so we will not see the impact this month. In August, the price will be bearish due to the price pressures in July and the lack of serious investments in the summer.

[passwordnow]

FEDs do really affect the market globally and this is the reason why many don't want to get into this month because of many factors. The adjustment of rates can fight the inflation because this inflation that we're experiencing isn't just a simple one. They have to admit that they're already in recession. Japan has announced several months ago that they're dealing with it and now, their currency JPY is now bouncing against the USD. As for the US government, they're not admitting it and just giving numbers about what percentage is the inflation but with such actions, it's very obvious that they're currently under it. Needless to say, their moves also move the price of Bitcoin and with Bitcoin, it moves the prices of the altcoins.

[Wiwo]

I think since this topic have bitcoin as the central of discussion and this is altcoin board it will be wrong to have bitcoin price discussions here on altcoin board so I advice that you move this thread to bitcoin price speculation board, so that the thread can get better expusor, but along with that, we have to note that the month just began and at that alot is still at stake and with some event lineup that have the capability of influencing bitcoin price, there is a need for us to take advantage of whatever discount level that bitcoin can reach so that we buy in the dip since we are going to be seeing alot of positive price movements in this month.