Bitcoin Price Prediction August 2022

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In the past few days, as the Federal Reserve announced another major rate hike and the US entered a ‘technical recession’, the stock markets (and crypto markets) have mostly been rallying. The ‘merge surge’ which surrounds Ethereum has taken it all the way up from $1,000 to $1,700 in a matter of week and Bitcoin retouched $24,000 (after hitting a low of $17,000 earlier this year). Are things looking up or what exactly should we expect for August 2022? Here’s what the experts are saying.

We’ve seen the first daily candle close above the 50-day EMA ever since April 7th, which means that the bulls are mostly dictating where price will go next. The overarching feeling is for a major bullish wave in August.

#Bitcoin truly engulfed the Monday candle and created another HL. Bears got trapped and this truly is the bottom range.

My estimate is that we will have a small LTF retrace after which we are going to start printing up candles after up candles and 30K in August 🫡 pic.twitter.com/ASBFXT3MVS

— JACKIS (@i_am_jackis) July 28, 2022

Two panels of crypto experts recently took a more detailed look at the bitcoin price predictions for the end of the year already and were very bullish indeed. The first 35-member group, as reported by Forbes, expected bitcoin to start the new year at about $76,000.

The second panel is less bullish. That one, according to Forkast, scaled back an earlier target to $65,185 as 2022 draws to a close. Still, that leaves a lot of upside still.

Trend

According to Bitcoin Ed, the Dutch crypto expert, ‘news stories don’t create a trend, they either accelerate a trend or they slow down a trend’

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He therefore concluded that the recent price rise could also be a ‘slowdown in that downtrend or a sudden change in the market .’ Ed is waiting for confirmation.

Another famed analyst, CryptoRover, claims that ‘bitcoin broke daily resistance and confirmed it as support.’

#BITCOIN BROKE DAILY RESISTANCE AND CONFIRMED IT AS SUPPORT! pic.twitter.com/SWqpy6wui4

— Crypto Rover (@rovercrc) July 29, 2022

A final point of warning though. As we’ve also noted in July, the Mount Gox Bitcoin billions are set to be released in August.

Mtgox will be releasing Bitcoin in august. Now you know why #Bitcoin is pumping now, if they all choose to sell, we will see #BTC crash never seen before. #MtGox

— Garrett (@TraderGarrett) July 29, 2022

If all early investors decide to cash out at that moment, this could create downwards pressure.

magann / Depositphotos.com