- Bitcoin price is gearing up for the $46K level
- Resistance levels seem to have been broken
- Crypto regulation scares shrugged off by BTC
After once again regaining the $40K level, it seems that the Bitcoin price is priming for its next move and that should be upward. There seems to be considerable upward momentum which should take the price up to the $42K level quite soon. However, bearish pitfalls do remain.
After almost reaching the $41K level on 5 Aug, BTC slid slightly over the past 24 hours to just over $40500K but seems to be building a higher low for the next leg upwards. Other top cryptos such as Ethereum are also performing well so it could be that the market is once again preparing for a good bull run forward.
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Short Term Prediction For Bitcoin Price: Another Leg Up Expected?
After some jitters, the Bitcoin price is back over the $40K mark and this time the rally looks like having some strength. BTC dropped to the low $38K level on 3 August when it was feared that a sell off would commence. However, that was not the case and the Bitcoin price appreciated considerably on 4 and 5 August to settle at $40,500.
A bullish forecast should see the Bitcoin price once again regain the $42000 level from which it could springboard on to the $46K mark. This would by an appreciation of around 13% from the current price.
An alternate bearish thesis would see the Bitcoin price beginning a descent from the $40K level and drop to the low $38K levels again. That could trigger a considerable sell off where the price could even descend to the $35K level. With the current buying interest in the market, that scenario does not look very likely however.
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Long Term prediction For Bitcoin: Will Mass Adoption Finally Happen?
Although there has been much talk over the years on the adoption of crypto in the financial market, something tangible has still not occurred. This could be about to change however. With Google now allowing crypto advertising, interest in bitcoin and other cryptocurrencies could be shooting up.
Other issues are the obvious implications of regulation with the Gensler speech very much part of the scenario. The IMF also came out strongly on El Salvador making Bitcoin legal tender but that did not have much effect on the price either. Other developments that could have positive implications for the Bitcoin price include Melanion launching a bitcoin equities ETF and the launch of the first EU-regulated Bitcoin tracker (UCITS).
The bitcoin price is expected to continue rising till the end of the year and other cryptos should follow suit. The $100K mirage may not be that far away after all.
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Gerald Fenech
