Bitcoin Price Analysis August W1
The top cryptocurrency, Bitcoin (BTC) is trading at $23,191.72. It is presently being traded at a considerable discount, as discussed by Mike McGlone (the expert commodity strategist at Bloomberg Intelligence).He evaluated the digital currency – which is known to be the most precious so far the market value –has declined lower than the level of $25,000 since this year’s June, as mentioned by TradingView data.
Bitcoin Demonstrates an Uncertain Attitude
The price of the top crypto token is decreasing to a great extent to gather liquidity, staying below the above-mentioned level. The respective position will be assistive in market manipulation, indicating a trend reversal afterward. Hence the current move of Bitcoin can be categorized by the investors as a Fair Value Gap (FVG) to trigger the new historical highs. In this move, the price of Bitcoin may collapse to approximately $20,737, with a great amount of liquidity being kept as sell-stops.
Though this momentary position intends to strengthen the liquidity, and eventually validate an upcoming elevation that would take place as soon as the $25,000 becomes a support floor for the primary crypto token.Contrary to this, if the regular price of Bitcoin remains close to $19,000 as its support level, a bullish trend will be invalidated and a crash will be activated taking it down to $13,000.
Expert Says BTC Is Oversold
Tacen’s (a crypto software firm) chief product officer and co-founder, Budd White, also remarked on the topic, asserting that the present trading point of the digital currency is much lower than the original value thereof. He added that the top crypto has just been oversold on a large scale however it is additionally going through a bigger accumulation zone.
In his words, every time the price of the token surges, its utility as well as market value witnesses substantial growth.He noted that keeping in view the Market Value to Realized Value (MVRV) of BTC, one can understand Bitcoin’s market value has dropped to its true utility value.As per White, BTC appears to have a strong bottom near $18,000.
Increasing Investor Support
Investors have recently been increasingly inclined toward Bitcoin, as mentioned by the Alternative.me in its Crypto Fear & Greed Index. The index shows zero as the figure of “Extreme Fear” whereas 100 to be that of “Extreme Greed.” At this time, the index is at 31, signifying “Fear” among the investors. This level has experienced a gradual upward drift since 19 June, when it touched 6, denoting “Extreme Fear.”
