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What analysts expect from Bitcoin in August

Jul 26, 2019 Forex News

August can be crisis months for Bitcoin. This assumption is increasingly put forward by cryptocurrency market analysts. They explain this assumption by the fact that Bitcoin has almost exhausted its growth potential, and new catalysts are not expected in August.

Although at the end of June, Bitcoin was approaching the $14,000 mark, it failed to gain a foothold, and by the end of July, the rate fell below the psychological mark of $10,000.

Analysts identify the main reasons for the decline, this is criticism from the authorities, the uncertainty in the issue of regulation and news about hacking wallets and exchanges. And June growth is attributed to artificially pumped demand for Bitcoin. Growth stopped immediately, as soon as speculators achieved the price they needed and began to fix profits. Recently, we realized that the distribution of Bitcoin among major holders allows manipulating the market.

Now, among all the possible growth drivers that are being actively discussed in the community, it is only halving (a decrease in the miners' reward from 12.5 coins to 6.25 coins). Yes, and not because of the limited emission, but because of the speculation in the upcoming event.

According to some analysts, in August the “Bitcoin bubble” will continue to deflate: by the beginning of the month the cryptocurrency will drop to the level of $9,000, and by the end - $7,400.

Some analysts suggest that in August, Bitcoin could still rise to $12,000, but closer to the end, it will still fall below $5,000, so now there is still a good opportunity to sell Bitcoin, which many do. These are the investors who have been waiting during the winter in the hope of selling a cryptocurrency either with minimal losses or with a small but profit. In the future, the market is waiting for a decline. The crypto industry still doesn’t inspire confidence: even Libra has so many difficulties. But this is a project of such a giant as Facebook.