Bitcoin (BTC) Prediction for August 24

As a seasoned crypto investor with a knack for reading market trends and a portfolio that’s seen its fair share of bull runs and bear markets, I find myself cautiously optimistic about the current Bitcoin (BTC) situation. The 5% surge since yesterday is a promising sign, but as someone who’s been around long enough to remember the infamous Bitcoin bubble of 2017, I know better than to get too carried away.


Bulls are more powerful than bears on Saturday, according to CoinStats.

Bitcoin (BTC) Prediction for August 24

BTC/USD

The price of Bitcoin (BTC) has gone up by 5% since yesterday.

Bitcoin (BTC) Prediction for August 24

On the hourly chart, Bitcoin’s price is currently situated in the midpoint of a tight range bounded by support at approximately $63,676 and resistance at around $64,460. If the upward trend persists and reaches the upper boundary, it may lead to a breakthrough followed by a surge towards the $65,000 region.

Bitcoin (BTC) Prediction for August 24

In simpler terms, the current daily trade of the primary cryptocurrency is confined within yesterday’s price range. But if it manages to close above this range without a long lower shadow (indicating strong buying pressure), there could be enough momentum for a test towards the $67,000 to $69,000 price range.

Bitcoin (BTC) Prediction for August 24

As a crypto investor, I’m currently observing that, looking at the mid-term perspective, the rates haven’t yet reached significant levels. This suggests that any sudden, sharp price movements might not occur imminently.

All in all, sideways trading in the area of $63,000-$68,000 is the more likely scenario.

Bitcoin is trading at $64,167 at press time.

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2024-08-24 20:01