At the beginning of August, Bitcoin experienced a slight dip before recovering. However, many people still predict a decline.
The reasons cited include: 1. Bitcoin’s historical weakness in the August-September period. 2. The potential outbreak of war between Israel and Iran.
Bitcoin’s price movements have increasingly mirrored those of the Nasdaq, leading to similar predictions. Many expect Bitcoin to show weakness during August and September, as it often has in the past.
If a war between Israel and Iran were to occur, it could have a significant impact on global financial markets, leading to a drop in the Nasdaq and, consequently, Bitcoin prices. In times of war or crisis, safe assets tend to rise in value while volatile assets decline. Although Bitcoin is partially considered a safe asset through ETFs, it still doesn’t seem to fully fit that category.
Currently, the Bitcoin market is experiencing a temporary lull in trading volume. Many people are predicting a decline, and the recurring bat pattern suggests that major players are manipulating the market. Previously, Bitcoin’s movements resembled Elliott Wave Theory, but now the bat pattern seems to dominate, reminiscent of Bitcoin’s earlier days. This often results in unpredictable drops and surges, with significant efforts to defend or push certain price levels.
In such times, it might be beneficial to engage in short-term trading to maximize profits, capitalizing on Bitcoin’s tendency to revert to certain price levels.
Let’s take a look at the AI report.
