Pepe Coin

Bitcoin ETF

Bitcoin

The Bitcoin price has started the week with an upward momentum, before witnessing a volatile today on May 7. Notably, the&nbsp;price&nbsp;of the largest crypto by market, along with several other altcoins,&nbsp;has witnessed heightened volatility in recent weeks due to a flurry of reasons. For instance, the significant outflow from the U.S. Spot Bitcoin ETF has weighed on the sentiments in recent weeks. 
So, let’s&nbsp;take a&nbsp;look at the factors that have so far impacted the Bitcoin&nbsp;price,&nbsp;and how it may perform in the long term. 
<h2 id="span-data-preserver-spaces-true-factors-impacting-bitcoin-price-span">Factors Impacting Bitcoin Price:</h2> 
The Bitcoin price was&nbsp;largely impacted&nbsp;this year due to U.S. Spot Bitcoin ETF approval, the&nbsp;Fed’s policy rate stance, and the Bitcoin Halving. Here&nbsp;we&nbsp;take a quick recap of the year. 
<h3 id="span-data-preserver-spaces-true-bitcoin-etf-hype-span">Bitcoin ETF Hype</h3> 
The Bitcoin price has noted positive trading since last year, as investors&nbsp;were anticipating&nbsp;the Bitcoin ETF. Notably, the approval of the <a href="https://coingape.com/bitcoin-etf-inflows-remain-strong-as-wall-street-hopeful-of-fed-rate-cuts/" target="_blank" rel="noopener">U.S. Spot Bitcoin ETF</a> in January has bolstered investors’ confidence. In addition, the positive influx into the investment instrument has also fuelled the market sentiment. 
Meanwhile, the immense success of the Bitcoin ETFs has also sent the BTC price to its all-time high in mid-March. Simultaneously, the recent approval of the Spot ETF in <a href="https://coingape.com/hong-kong-bitcoin-etf-notes-first-outflow-despite-btc-recovery/" target="_blank" rel="noopener">Hong Kong</a> has further bolstered&nbsp;confidence,&nbsp;while reflecting the the growing institutional confidence in the sector. 
<h3 id="span-data-preserver-spaces-true-federal-reserve-s-interest-rate-span">Federal Reserve’s Interest Rate</h3> 
The <a href="https://coingape.com/fed-rate-cut-delay-sparks-crypto-volatility-concerns-despite-halving/" target="_blank" rel="noopener">Federal Reserve’s</a> stance with their policy rates has also weighed on the sentiments so far this year. For context, the market was anticipating&nbsp;around five rate cuts through the&nbsp;year,&nbsp;while expecting the inflation to cool. 
However, the economic data has shown that inflation has stayed strong while dampening hopes over potential rate cuts this year.&nbsp;Now,&nbsp;a flurry of analysts are expecting a single or two rate cuts through the year.&nbsp;Besides, some have also put their bets on no change in the policy rates&nbsp;in&nbsp;2024. 
Also Read: <a href="https://coingape.com/bitcoin-based-apps-contributing-significant-portion-of-miners-income/" target="_blank" rel="noopener">Bitcoin-based Apps Contributing Significant Portion of Miners’ Income</a> 
<h3 id="span-data-preserver-spaces-true-bitcoin-halving-span">Bitcoin Halving</h3> 
The <a href="https://coingape.com/glossary/bitcoin-halving/" target="_blank" rel="noopener">Bitcoin Halving</a> is one of the&nbsp;key&nbsp;events the market was waiting for in 2024.&nbsp;The recent Halving event has so far fuelled the&nbsp;confidence of the market participants,&nbsp;given its potential impact on the BTC in previous events. 
Historically, the Bitcoin Halving event has triggered a significant rally in the BTC price, sending it to a new high.&nbsp;Considering&nbsp;that the market was also bullish towards the flagship crypto. However, several market pundits suggested a short-term volatility after the&nbsp;halving,&nbsp;while maintaining an upward trajectory for the long term. 
Now that we have gone through some of the&nbsp;basic&nbsp;factors that have impacted the BTC performance&nbsp;significantly,&nbsp;let’s look at how the Bitcoin price might perform in the coming days. 
<h2 id="span-data-preserver-spaces-true-will-bitcoin-price-remain-stable-in-august-span">Will Bitcoin Price Remain Stable In August?</h2> 
Rekt Capital, a prominent crypto market analyst, provides insights into Bitcoin’s potential peak in the current cycle. Analyzing historical trends, he suggests <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener">Bitcoin</a> could peak between mid-December 2024 and early March 2025.&nbsp; 
However, he also noted that the ongoing deceleration in the cycle may lead to a resynchronization with traditional Halving cycles. As Bitcoin consolidates, the potential for stability and resynchronization increases, impacting its peak timeframe.&nbsp; 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GM0STWHXUAA6Z7-?format=jpg&amp;name=large" alt="Bitcoin Price Analysis" width="751" height="530">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital
 </figcaption>
</figure> 
Notably,&nbsp;the analyst highlights that Bitcoin’s performance beyond old All-Time Highs has historically lengthened, suggesting a longer Bull Market Peak timeframe.&nbsp;With these factors in mind, investors anticipate stability and potential peak adjustments in the coming months, influencing Bitcoin’s price trajectory in August 2024. 
In addition, another market expert, Ali&nbsp;Martinez&nbsp;said that despite the recent advancement in Bitcoin price this week, the “MVRV 90-Day Ratio” suggests that Bitcoin is still under a “prime buy zone.”&nbsp;This&nbsp;has also fuelled the&nbsp;confidence of the&nbsp;investors,&nbsp;over a potential stability in the BTC’s trajectory in the coming days. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GM2PvUSXgAALQZp?format=jpg&amp;name=large" alt="BTC analysis" width="751" height="423">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez, X
 </figcaption>
</figure> 
Simultaneously, the recent <a href="https://coingape.com/us-job-data-hints-at-bitcoin-price-rally-here-all/" target="_blank" rel="noopener">U.S. Job data</a> showed that the inflation pressure has cooled, although it still stayed above the Fed’s 2% target range.&nbsp;Given that,&nbsp;some have raised their bets over a potential rate cut in July.&nbsp;Notably, such a factor, if&nbsp;happens, could potentially boost the investors’&nbsp;sentiment,&nbsp;and help Bitcoin maintain stability in August. 
Meanwhile, as of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> was down 1.10% and traded at $63,585.38, while its trading volume rose 67.61% to $30.56 billion. However, the crypto has touched a high of 65,494.90 in the last 24 hours. 
Also Read: <a href="https://coingape.com/pepe-coin-whale-dumps-1-tln-pepe-amid-5-price-drop-what-next/" target="_blank" rel="noopener">Pepe Coin Whale Dumps 1 Tln PEPE Amid 5% Price Drop, What’s Next?</a> 
The post <a href="https://coingape.com/will-bitcoin-price-stay-steady-august-experts-analysis/">Will Bitcoin Price Remain Stable Till August? Here’s All</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Bitcoin Price Remain Stable Till August? Here’s All

Table of Contents

Coingape News Media

Other articles published on May 7, 2024

Bancolombia Unveils Wenia Crypto Exchange and COPW Stablecoin: A Major Leap for Cryptocurrency in...

Analyzing Bitcoin’s (BTC) Potential Hurdles and Ethereum’s (ETH) Ongoing Decline: A Deep Dive int...

Sui Network Addresses Token Supply Concerns, Asserts Transparency and Third-Party Oversight

ERN Price Surges 16% As Ethernity Chain Debuts Layer 2

Whale Alert: PEPE Price Dropped by 5% With Whale’s Quick Trade

This Crypto Analyst Remains 'Turbo Optimistic,' Claims 'We're About 1/3 Through' The Bull Run

Join our free newsletter for daily crypto updates!