Bitcoin prices showed a decline in early August 2023, prompting analysts to reassess current market trends. Some experts consider this as a normal phase of correction.
Analysis of Bitcoin's Decline and Support
On August 2, Bitcoin fell below $115,000, entering a correction phase. Analyst Master Ananda described this nearly 10% drop from its recent peak as part of a normal cycle. Bitcoin is currently trading above $113,500, indicating a repeat of a consolidation pattern that historically leads to record highs. He noted that as long as critical support levels are maintained, the bullish narrative remains intact.
$117,400: A Key Level for Upside
The decline in Bitcoin's price was driven by weak U.S. employment data and uncertainty surrounding new tariff implementations. A lack of risk appetite influenced stock market dips and led to short-term profit-taking. In this context, the resistance level at $117,400, where 88,000 BTC are positioned, serves as a crucial reference point for any potential recovery.
Market Outlook: Analysts' Expectations
Analysts agree that the long-term uptrend remains intact, provided the weekly closure does not dip below $100,000. Historically, such pullbacks settle into lateral movements over several weeks, eventually leading to new peaks. It has also been noted that a reduction in miner sales and an increase in long-term wallet numbers could support a rally above $115,000.
Amid the current events, many experts remain optimistic about Bitcoin's future trends, believing that maintaining key levels may lead to new records in the market.
