The Bitcoin chart remains dull, and August has not met investors’ expectations. So, what’s next? Popular crypto analyst Matthew Hyland compared previous cycles with the current situation and shared his expectations for the next few months.
Historical Data of Cryptocurrencies
Analyst Matthew Hyland mentioned in his recent market assessment that similar periods have occurred before. The analyst believes the price drop below $50,000 at the beginning of August and the prolonged consolidation period are not surprising. Cryptocurrencies went through similar processes during the 2012, 2016, and 2020 election periods.
Cryptocurrency Predictions
Bitcoin price has dropped by approximately 10% since July 18. The losses in altcoins are much greater. Some analysts expect deeper dips. Contrary to the general market consensus, some even expect a decline in September. For instance, crypto analyst Rager stated in his recent market assessment:
Conclusion
Analysts share their predictions for Bitcoin’s future, noting that none of them can predict the future with certainty. Nonetheless, their analyses offer an insight into potential market changes.
Amid market volatility, analysts continue to closely monitor cryptocurrency behavior and make predictions for the future. Despite uncertainties, their assessments help investors navigate the complex market environment.
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