Token

bullish

Bitcoin

Million

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-prediction-btc-price-to-slingshot-to-70k-this-august/">Bitcoin Price Prediction: BTC Price To Slingshot To $70K This August?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The star crypto token has recorded a strong bullish recovery within the past 24 hours after trading under a bearish sentiment over the past few days. Notably, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> has jumped approximately 8% during this time, resulting in it reclaiming the $61K mark.</p> 
<p>Planning on investing in BTC crypto but concerned about questions like “Will BTC price drop again?” or “ Is this the right time to invest in Bitcoin?”.</p> 
<p>Dive in as, in this article, we have covered the in-depth market sentiments, price analysis, and potential short-term price targets for the Bitcoin crypto token.</p> 
<h2 class="wp-block-heading" id="h-btc-crypto-token-price-action">BTC Crypto Token Price Action:</h2> 
<p>Despite trading under a negative influence for a brief period, the Bitcoin token has successfully retested its crucial support level of $53,446.50. This has resulted in it recording a significant upside in valuation. Moreover, with a trading volume of $43.356 Billion, Bitcoin has a dominance of 56.7%.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdqTBckVwRkOv9HgaDCG903lkNHV5IbUWVfalfX0nf-RQagbRmEzB4nJH4as8ax_kCgvlPnvyP31cgwUETybhbNQePuEbylzkUumg8PVySYqlUS8doKtCjkPM9yNbiGTFosFupTQ5pOVB573CjG--1S_Ggs?key=e3kpYmXt0_ux21EJ5BUFaQ" alt="Bitcoin Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: BTC/USDT
 </figcaption>
</figure> 
<p>The Relative Strength Index (RSI) has failed to surpass its halfway mark, indicating a weak bullish sentiment for the <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC price</a> in the crypto market. However, its average trendline records a bearish convergence, suggesting a negative outlook.</p> 
<p>On the other hand, the SMA indicator has displayed a bullish crossover, suggesting a mixed sentiment for the star crypto this week.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-spot-etf-update">Bitcoin Spot ETF Update:</h2> 
<p>On 08th August, Blackrock’s “IBIT” recorded the highest inflow with $157.6 Million, followed by WTree’s “BTCW” with 118.5 Million. Further, Fidelity’s “FBTC” has added $65.2 Million whereas Ark’s “ARKB” added $32.8 Million, and VanEck’s “HODL” has added $3.4 Million.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcAb8r00gEi7PP4HDrEwD-BA3UHzL08IfFmWeKd_ahEfmtoij2ov-d5BBl-fI7Vc4pugBoIng-kH1ouOneGi4rhQfJvOevR4GgJoPVflZnEPo-Gqmv7EhcBRbCELYQfQGd8jMm26L4QkxNbaOoBy7ujr6IC?key=e3kpYmXt0_ux21EJ5BUFaQ" alt="">
 <figcaption class="wp-element-caption">
  Source: Farside Investors
 </figcaption>
</figure> 
<p>Notably, Bitwise, Invesco, Franklin, Valkyrie, and Grayscale’s “BTC” have recorded a neutral flow.</p> 
<p>Conversely, Grayscale’s “GBTC” records a drop of $182.9 Million, resulting in it continuing its outflow streak for the 6th consecutive day. With this, the total inflow for the day stood at $194.6 Million.</p> 
<h2 class="wp-block-heading" id="h-will-btc-price-reach-100k-this-year">Will BTC Price Reach $100K This Year?</h2> 
<p>If the bulls continue trading under a positive influence, the price of Bitcoin will head toward its resistance level of $67,000. Moreover, if the market holds the price at that level, the BTC price will retest its all-time high of over $73K in the coming time.</p> 
<p>For BTC price to achieve the $100K mark, it requires a jump of 64.2708% in valuation, with respect to its current trading price of $60,875.09.</p> 
<p>On the flip side, if the bears regain momentum, the BTC crypto will retest its support level of $60,000. Further, if the bulls fail to regain momentum at that point, the Bitcoin crypto will plunge toward its lower support level of $55K this month.</p>

Bitcoin Price Prediction: BTC Price To Slingshot To $70K This August?

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