Bitcoin Forecast, 05-08-2024

Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Forecast for the Week of 05-08-2024

Bitcoin Forecast

Bitcoin news
Greetings! My name is Victor, and today I’m going to talk about the latest developments in the Bitcoin world. Recently, cryptocurrencies have been affected by macroeconomic factors, such as changes in the monetary policy of the United States and the European Central Bank. Rising interest rates and inflation lead to fluctuations in the value of Bitcoin. The US has also introduced new regulations on crypto exchange reporting, which has caused anxiety in the crypto world. The European Union has also strengthened its anti-money laundering measures, which will require mandatory KYC verification for all accounts.

Bitcoin monthly chart
On the monthly chart, we can see that after the growth in 2021, there was a significant decline of 40%, followed by another 30%. Now, after the latest growth, Bitcoin may linger at the level of $50-52 thousand. If this level holds, it will indicate that bitcoin is stable. However, August and September are usually not the best months for cryptocurrencies, so further declines are possible.

Weekly chart of BTC
On the weekly chart, support at $52,000 and resistance at $72,000 are important. Bitcoin is likely to fluctuate between these levels until early October, after which further growth is expected. Holding on to current positions will be a positive signal for the market, as large investment companies continue to buy Bitcoin, which indicates confidence in this cryptocurrency.

Dominance of BTC, USDT
Looking at the dominance of bitcoin, we see that it is in the green zone and has reached 58%. The maximum that can be expected this season is 60%. This means that bitcoin dominates the market. As for USDT, its dominance is also at the highs of the cycle, which indicates a high demand for stablecoins during market volatility.

Daily chart of BTC (Bitcoin)
On the daily chart, we can see that bitcoin fluctuated between $53 and $56 thousand. After a quiet weekend, Asia began to buy, which raised the price to 52-53 thousand. At this level, a consolidation may occur, which will prepare for further growth. If bitcoin stays at this level, it is possible that the trend will reverse and continue to grow by the middle of the week.

Bottom line.
News and chart analysis indicate that the cryptocurrency market remains volatile due to macroeconomic factors and new regulations. However, institutional investors continue to trust bitcoin, which supports its value. In the coming months, the price may stabilise and grow further. Subscribe to my channel to keep up to date with the latest news and forecasts on the cryptocurrency market. This was Victor, see you soon!