Bitcoin Price Forecast As BTC Failed To Sustain Bullish Trend – Is Sonik The Best Alternative?
August 29 marked a parabolic rise for Bitcoin ($BTC), breaking beyond the key resistance level of $28,000. This move brought a massive peak in the crypto industry, pushing all altcoins significantly.
This short-term uptick was fueled by the recent legal victory achieved by Grayscale in the Bitcoin ETF Conversion lawsuit. Also, the increase in Bitcoin mining revenue for the second quarter (Q2) might have contributed to this bullish momentum.
US court says SEC wrong to deny Grayscale's spot bitcoin ETF proposal https://t.co/swGzWZF1Uf pic.twitter.com/eA3l88TBFY
- Reuters (@Reuters) August 29, 2023
Unfortunately, this pump was short-lived as profit-taking investors entered the market, dropping the market slightly. According to CoinGecko data, BTC is trading at $27,200 with a trading volume of more than $11.2 billion.
BTC has maintained an upward move in the last seven days, increasing by 2.8%.
Although there have not been any significant moves in the past hour, the positive development within the crypto space may influence BTC's price in the long run and might be a catalyst for the next bull run.
BTC Mining Company Records 33% Increase in Q2 EarningsBitcoin mining equipment maker Canaan posted an impressive 33.7% rise in revenue during the second quarter, reaching $73.9 million.
JUST IN: #Bitcoin miner Canaan reported historic Q2 gross financial losses of over $70 million.
Q2 revenue: $73.9M
Cost of revenues: $143.9M
Q1 gross loss: $47.5M
Q2 Gross loss: $70.1M
Bankruptcy Fears Surge
The stock price is down -99.8% from its 2021 peak.
- WhaleWire (@WhaleWire) August 29, 2023
The company's income from mining activities increased by 43.4%, hitting $15.9 million, a substantial increase from $11.1 million in Q1 2023 and a 105.1% surge compared to last year.
Despite facing a net loss of $110.7 million in Q2, influenced by factors like writing down inventory, Canaan's balance sheet showed a 115% growth in cryptocurrency assets, owning 747 Bitcoins.
Although there are challenges like reduced hash prices and increased mining difficulty in the industry, Canaan's revenue growth could contribute to the ongoing upward movement of BTC/USD prices.
This is because a successful and profitable company in the Bitcoin mining sector could attract more interest and investment in the cryptocurrency ecosystem.
As more entities engage in mining and support the network, it can enhance the overall health and security of the Bitcoin network. In the long run, sustained growth in Bitcoin-related businesses and the mining sector can positively impact the BTC price.
BTC Whales Sending Coins To Crypto Exchange - Time To Sell Out?
- Whale Alert (@whale_alert) August 31, 2023
WhaleAlert report shows that whales are sending significant quantities of cryptocurrencies to trading exchanges, suggesting a change in their investment strategy.
- Whale Alert (@whale_alert) August 30, 2023
Based on historical actions, the main reason for this transaction is to sell the coins. If whales believe that the price of the BTC will go down, they might sell their coins to lock in profits.
However, WhaleAlert did not disclose the reason for this transaction, but looking at today's market, there's a possibility that the action was to sell the coins. Also, the timing of this event confirms that the owner is planning to sell off its holdings.
BTC Technical Analysis Using Indicators - MA, RSI & MACD
Source: TradingView
According to the chart, there has been a minor retracement after the coin recorded an impulsive rally, hitting above the $27,000 level.However, since yesterday, August 30, there have been low market activities, indicating that both the buying and selling pressure is balanced.
Also, the market ranges between a $27,500 minor resistance level and a $27,100 primary support zone. Meanwhile, Technical analysis shows that the BTC/USD pair is trading above the Simple Moving Average Indicator (50-day and 100-day SMA).
This means that despite the bearish attempt to drop the coin, the bulls still sustain their momentum in the longer timeframes. Importantly, these SMA regions might serve as a potential support level, stopping prices from dropping further, and also a potential entry point.
But caution is necessary as the bears might want to send the price below the SMA, signaling negative market sentiment.In addition, the Moving Average Convergence Divergence (MACD) suggests a shift in the momentum as it tries to drop below the signal line.
The Relative Strength Index value of 59 means the market's activities are relatively balanced. Considering the analysis above, BTC's price might drop toward the SMA indicator level before rebounding if the bull increases momentum.
However, checking other analyses or tools is essential, as the broader crypto market is highly volatile.
Technical Pattern Shows Potential Bitcoin Drop Coming
Source: TradingView
Looking at the chart, the coin has been respecting the bearish trendline with several attempts to breach the above. On August 29, BTC/USD recorded a significant move, hitting above the $28,000 price level. But there has been a retracement toward the FVG region.
Notably, the FVG is caused by market imbalances, which prices must fill before continuing the uptrend. This analysis correlates with the fading green histogram bars, suggesting that the momentum is dropping. If the market rebounds from the FVG level, it may target the monthly high at $28,000 or even breach above.
However, if there is any news that causes negative sentiment in the market, BTC/USD may fall below the FVG point, plummeting toward the $25,900 support level. If the FUD caused by any negative sentiment persists, BTC's price may break this support.
Sonik Presale Gain Robust Followers - Is It The PEPE?
Meme coins based on popular memes or fictional characters have been some of the most successful in recent years.Sonic the Hedgehog is a beloved character that has been popular for decades, especially in Asia, where cryptocurrency adoption is growing rapidly.
Sonik Coin, based on Sonic the Hedgehog, has the potential to be a hit and attract a large following of meme coin enthusiasts. The Sonik Coin project has taken steps to ensure its token is liquid and secure.
The project has allocated 10% of its token supply to decentralized exchange (DEX) liquidity, meaning there will be no problems trading the token.
Additionally, the project intends to lock Uniswap's liquidity, which protects investors from rug pulls.
The marketing team for Sonik Coin has also been active, securing features in high-profile crypto news websites and receiving positive mentions from top FX trading and financial sites.The coin is selling at $0.000014 and has already raised over $850,000 in this presale.
Dozens of Crypto Analysts and Influencers Endorsed the Coin
Analyst GoUp believes that Sonik Coin has the potential to be a 100x project, while another analyst believes that it could be a 10x coin.
Also, a leading crypto/presale influencer, Michael Wrubel, boosting over 300,000 YouTube subscribers, predicted the token to be the next $1 million meme crypto". Crypto Gains forecasted Sonik Coin to pump by over 20x after being listed on prominent crypto exchanges.
These analysts base their predictions on the project's strong marketing team, its growing social media following, and its plans to lock liquidity on Uniswap. As Sonik Coin raises more funds, the marketing push will likely accelerate.
This will likely lead to more Twitter and YouTube influencers and crypto-investing communities promoting the coin.In response, this could help to drive the price of Sonik Coin up, making it a profitable investment for early investors.
To buy $SONIK, visit the project's official website, connect your wallet, and follow the on-screen instructions.
The post Bitcoin Price Forecast As BTC Failed To Sustain Bullish Trend - Is Sonik The Best Alternative? appeared first on The Tech Report.