The post Bitcoin Price in Limbo: Analyst Forecast $20k in August if BTC Price Fails To Hold This Level appeared first on Coinpedia Fintech News

The Bitcoin (BTC) market has continued to range between $29.6k and $31.4k in the past 18 days, thus creating high anticipation for an imminent breakout in either direction. The uncertainty in the Bitcoin market is partially due to the ongoing tension between United States regulators and institutional investors demanding entry to the crypto market.

While the SEC continues to disregard the need for a Bitcoin ETF – filed by BlackRock, Fidelity, and Valkyrie among others – the judicial system has not yet ruled on the XRP case to determine if most altcoins are unregistered securities or commodities. 

Moreover, more jurisdictions around the world led by the UK, EU, UAE, Singapore, Hong Kong, and Japan have already enacted clear crypto rules to help in safe adoption.

Bitcoin Price Action In the Coming Weeks

According to a popular crypto analyst on Twitter with more than 62k followers, Captain Faibik (@CryptoFaibik), the Bitcoin market is at a crucial crossroads that could either yield a bullish or bearish breakout in the coming weeks. As for the bullish outlook, the analyst noted that bulls must flip the crucial support/resistance (S/R) level around $31k. 

Additionally, the analyst highlighted that the bulls must confirm a breakout from a descending channel on a macro scale.

“If Bitcoin continues to Remain below the 31k S/R level, I anticipate that it may Potentially Retest the 20k region in Late August. In the Bullish Scenario, if Bitcoin Bulls Successfully Clear the 31k Resistance level, it could potentially lead to Another Significant +20% Bullish Rally in August,” the analyst noted.

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Filed under: Bitcoin - @ July 10, 2023 5:59 am