Analysts forecast for Bitcoin and the cryptocurrency industry in August


Bitcoin and the cryptocurrency market rebounded strongly over the past month, after a sharp correction during the second quarter, and Bitcoin is currently trading at $23,300, a rise of about 20% from last July.

Bitcoin has jumped more than 18% in the past month, having finally seen a rebound in prices after May and June, and with a neutral signal now with higher prices and slightly lower trading, this month could move either direction, from On the other hand.

 Bloomberg Chief Commodity Analyst Mike McGlone said, “Risk reward is heavily skewed towards bitcoin, July saw the biggest discount in bitcoin history on its 100 and 200 week moving averages, with signs of a recovery, now risk versus reward is skewed.”

Analysts forecast for Bitcoin and the cryptocurrency industry in August-August
Analysts forecast for Bitcoin and the cryptocurrency industry

 Positively for one of the greatest bull markets in history, says data provider Santiment.

On the other hand, data from data analyst Glassnode shows that the balance of Bitcoin in the platforms has been in a continuous decline, with the balance of the currency now reaching 12.6% of the total supply in circulation.

and despite the Fed rate hike, the performance of the US stock market has been strong Last month, let's see some market analysts are optimistic that the market will continue to trend upwards from now on, and with the launch of the stock market, cryptocurrencies will follow them on similar lines, Ethereum.

the second largest cryptocurrency in the world, rose more than 60% last month from its lows Its recent rise raises the controversy over the flipping of the Bitcoin and Ethereum.

and as of writing this report, Ethereum is trading at a price of $1,700. Supporting the digital market, this momentum could continue for this month as well.