The cryptocurrency market: Key insights for August
Bitcoin Price Prepares to Hit All-Time Highs
Bitcoin is expected to hit a new all-time high and is currently down less than 13% from $73,800. The latest data suggests that Bitcoin may soon surpass its previous highs, driven by strong momentum and positive sentiment among major cryptocurrencies.
Trading at $64,700 currently, Bitcoin is showing signs of strength as the downward channel widens. The model predicts a 21% rise, indicating a potential breakout from the all-time high.
Read more: Bitcoin Halving History: Everything You Need to Know
Investors anticipate Bitcoin’s continued upward trajectory, especially with growing institutional interest and the cryptocurrency’s overall resilience. These factors position Bitcoin well to set new records in the near future.
Political Token Outlook
Political coins are expected to face a decline as enthusiasm surrounding the U.S. presidential election subsides, particularly following President Biden’s resignation. Tokens like TRUMP, MAGA, and MVP have already experienced significant drops, some up to 65%, in the last month.
With changing political dynamics and diminishing election-related excitement, the value and relevance of these tokens are likely to decrease. Investors should exercise caution when holding political coins, as the market hype may not sustain in the long run.
Read more: How to Buy Solana Meme Coins: A Step-by-Step Guide
As the political landscape evolves and election fervor fades, these tokens are likely to lose traction in the market. It’s essential for investors to monitor these trends closely to make informed decisions.
Altcoin Season Outlook
The anticipated altcoin season is unlikely to materialize in August, with the market showing continued weakness. Despite occasional rallies, the overall sentiment remains cautious, impacting the performance of altcoins. Investors should brace themselves for a slower month in terms of altcoin returns.
As per the Altcoin Season Index, the cryptocurrency market is currently experiencing a ‘Bitcoin season.’ Unless a significant number of top non-stablecoin tokens outperform Bitcoin, the wait for altcoin season is expected to persist.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Ahead of Altcoin Season
Given the ongoing bearish trend in the crypto market, significant growth in altcoins is unlikely in the short term. Until market conditions improve, investors are advised to focus on Bitcoin and other major assets.
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In addition, part of the content is the AI translation version of the English version of the BeInCrypto article.
