Rally

United

Bitcoin

Resistance

Captain

The post <a rel="nofollow" href="https://coinpedia.org/bitcoin/bitcoin-price-in-limbo-analyst-forecast-20k-in-august-if-btc-price-fails-to-hold-this-level/">Bitcoin Price in Limbo: Analyst Forecast $20k in August if BTC Price Fails To Hold This Level</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The Bitcoin (BTC) market has continued to range between $29.6k and $31.4k in the past 18 days, thus creating high anticipation for an imminent breakout in either direction. The uncertainty in the Bitcoin market is partially due to the ongoing tension between United States regulators and institutional investors demanding entry to the crypto market. 
While the SEC continues to disregard the need for a Bitcoin ETF – filed by BlackRock, Fidelity, and Valkyrie among others – the judicial system has not yet ruled on the XRP case to determine if most altcoins are unregistered securities or commodities.&nbsp; 
Moreover, more jurisdictions around the world led by the UK, EU, UAE, Singapore, Hong Kong, and Japan have already enacted clear crypto rules to help in safe adoption. 
<h2 class="wp-block-heading" id="h-bitcoin-price-action-in-the-coming-weeks">Bitcoin Price Action In the Coming Weeks</h2> 
According to a popular crypto analyst on Twitter with more than 62k followers, Captain Faibik (@CryptoFaibik), the Bitcoin market is at a crucial crossroads that could either yield a bullish or bearish breakout in the coming weeks. As for the bullish outlook, the analyst noted that bulls must flip the crucial support/resistance (S/R) level around $31k.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh5.googleusercontent.com/EN-h4ywRf81Dh8BEJQ6tXIDepIiJD8TbmgT7WY_-fhucAHxnrcqmSKtb_SVfjKCKyfGT16EBAkKz8dqMYaVLEQJXDthp1aQ7DNMB077jQ3-4BsVTrtFEXJxq7f6TLsRIyB8twz766meRiDNrVGeK-lY" alt="">
</figure> 
Additionally, the analyst highlighted that the bulls must confirm a breakout from a descending channel on a macro scale. 
<blockquote class="wp-block-quote"> 
 “If Bitcoin continues to Remain below the 31k S/R level, I anticipate that it may Potentially Retest the 20k region in Late August. In the Bullish Scenario, if Bitcoin Bulls Successfully Clear the 31k Resistance level, it could potentially lead to Another Significant +20% Bullish Rally in August,” the analyst <a href="https://twitter.com/cryptofaibik/status/1678255056481841152?s=46&amp;t=nPfhSOhr89XquR9r-q9tyg">noted</a>. 
</blockquote>

Bitcoin Price in Limbo: Analyst Forecast $20k in August if BTC Price Fails To Hold This Level

Table of Contents

CoinPedia News

Other articles published on Jul 10, 2023

Renowned Crypto lawyer foresees a win for Coinbase against SEC

Mantle Network Proposes $200 Million Ecosystem Fund for Ethereum Layer 2 Development

XRP and Shiba Inu (SHIB) Aim to Punish Bears, Santiment Reveals Secret Sauce

Hong Kong Launches Training Initiative for Digital Asset Traders

Hong Kong Institute to Launch Cryptocurrency Trading Education

Tether freezes $2.5 million in USDT transferred from Multichain

Join our free newsletter for daily crypto updates!