Bitcoin Price Prediction as SEC Delayed BTC ETF Approval, Price Tanks To $25,600
The price of Bitcoin has been on a roller-coaster movement, leaving some investors with profit and others with huge losses. After a week of consolidation, Bitcoin witnessed a significant uptick, with its price surging from $26,000 to almost $28,000 in a few hours.
Unfortunately, this upward movement was short-lived as the price nosedived, dropping below $26,000. This decline follows the unfavorable news regarding delays in Spot ETF applications.
Lately, BTC has found strong support at above $25,000, but the price has consistently tried to break below the region.
Bitcoin Halving In 7 Months - Potential Bullish Catalyst For BullishThere have been speculations that the price of Bitcoin might record a substantial increase in the coming months. Also, based on BTC's long-term potential, the price is notably undervalued.
With the next Bitcoin halving approximately seven months away, there is huge potential for the biggest crypto to pump hard post-halving.
There's a good chance that BTC will increase, reaching $30,000 before the halving.For context, the Bitcoin halving is when the reward for people who verify Bitcoin transactions (miners) gets cut in half.
This has usually increased the price of Bitcoin because fewer new Bitcoins are coming out. Bitcoin's previous halving events have significantly impacted its price movement, with distinct percentage changes before and after each event.
Recall that the first halving was in November 2012, when Bitcoin's price was approximately $11. After the event, Bitcoin's price surged, reaching around $1,150 by December 2013, marking an astonishing 10,400% increase.
In addition, before the second halving in July 2016, Bitcoin was trading at about $650. Following the event, Bitcoin's price gradually climbed, reaching around $19,783 in December 2017, reflecting an impressive 2,934% rise.
In the third halving in May 2020, Bitcoin's price surged, briefly surpassing $60,000 in April 2021, representing an astounding 582% increase. These statistics illustrate a consistent pattern of significant price appreciation following each halving event.
While past performance doesn't guarantee future results, these historical trends have contributed to the narrative that Bitcoin's scarcity due to halving events tends to drive up its price.
However, it's important to remember that Bitcoin's price is influenced by a complex interplay of factors, including market sentiment, adoption, and regulatory developments.
Whale Accumulation In BTC, On-Chain Analyst RevealsThe on-chain analyst James V. Straten recently pointed out a pattern in the chart that shows how different groups are accumulating BTC.
Seems like peak #Bitcoin distribution is behind us, as we can see a slight tick-up in accumulation.
This is the most aggressive accumulation since June/July for whales that have over 10k BTC. pic.twitter.com/ysKR9tLywM
- James V. Straten (@jimmyvs24) September 5, 2023
He remarked,
Seems like peak Bitcoin distribution is behind us, as we can see a slight tick-up in accumulation. This is the most aggressive accumulation since June/July for whales that have over 10k BTC."
However, there have been rumors within the crypto industry speculating that BlackRock is involved in the transaction.
Many individuals don't realize that BlackRock would require actual Bitcoin to back their Spot ETF.
They might have already purchased their Bitcoin months ago when prices were lower.
Or, they could be deliberately driving down prices currently to establish a better buying... pic.twitter.com/dKW2awmcuL
- Crypto Rover (@rovercrc) September 5, 2023
One of the statements reads:
Many individuals don't realize that BlackRock would require actual Bitcoin to back their Spot ETF. They might have already purchased their Bitcoin months ago when prices were lower."
Many have speculated that BlackRock intentionally lowers Bitcoin prices to acquire it at a lower cost. However, there is no evidence to support these claims.
BTC Price Analysis
Source: TradingView
The chart shows that the BTC price has found strong support at $25,900 since it rallied down to this zone. This shows that the bulls hold prices in this region, preventing the market from dropping further.
If the BTC stays above the support, it may rebound and target the Fair Value Gap (FVG), where the price recorded a market imbalance. Notably, a monthly resistance level at $28,170 could hold the price, but with added momentum, the bulls will break through.
However, should the downward trend persist, the market might fall below the $25,900 support level, signaling bearish sentiment. Meanwhile, BTC has another major resistance level at $30,000. If the market breaches this zone, we could see a long-term bullish move in the market.
Bullish Momentum Sustained In The Market, Technical Indicators Shows
Source: TradingView
Based on the chart, BTC trades above the lower part of the Bollinger Bands indicator, signaling a potential buying opportunity and a period of relative strength.Trading above the lower band suggests that the coin's price may have dipped temporarily but is now positioned to rebound.
This is a favorable entry point for traders and investors looking to capitalize on the potential upward movement.Also, the Moving Average Convergence/Divergence (MACD) is trading above the signal line, which suggests the coin's positive momentum.
While trading above the lower band can be a bullish signal, it's essential to consider the broader market context and conduct thorough research before making any trading decisions.
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- Cryptonews.com (@cryptonews) September 4, 2023
It gives traders AI-generated signals for more successful trades, giving them an edge in the financial market previously dominated by robots.yPredict's AI identifies hundreds of bullish and bearish chart and candlestick patterns with a reliability score generated based on the accuracy of past price behavior when the pattern is formed.
yPredict also offers indicators for successful trading based on their past success rate since it accesses historical data. Also, the yPredict marketplace provides a channel of passive income for top Machine Learning (ML) developers who offer their predictive models and earn from subscriptions.
YPRED Presales Offers Investors Opportunity
YPRED is the token powering this ecosystem and is in its seventh presale stage. It operates on the Polygon blockchains and is secured and KYC compliant.Each token is worth $0.2, with a price increase to $0.11 coming up in the next stage and representing an 11.11% increase, thus yielding paper gains for investors.
YPRED presales have crossed the $3.71 million mark out of its target of $4.58 million. The tokens can be purchased with ETH, MATIC, BNB, USDT, or bank cards via the project's official website.
YPRED tokens also support a buy and stake feature for additional rewards. Users who stake their tokens may receive up to 455 quarterly staking rewards from 10% of tokens paid for each new subscription on the platform.
Also, YPRED holders can access huge discounts on prediction platforms, analytical tools, and trading terminals, among other benefits.Additionally, holders can access yPredict's Analytics base models built by the top 1% of AI developers.
These models easily forecast the prices of top coins such as BTC, ETH, and SHIB and cost a minimum of $500 for non-holders.
YPRED tokens empower holders to vote in the marketplace, proving its multi-dimensional utility. The presales offer investors the best opportunities to accumulate these tokens.
YouTube Crypto analyst and Vlogger Jacob Crypto Bury, with over 21,000 subscribers, shares his thoughts on yPredict and its massive potential.
yPredict WriteMingle Beta Test Program Goes LiveThe yPredict WriteMingle Beta Test Program is now live for YPRED presale buyers. This program gives users access to content creation and other exciting features on the yPredict platform. However, it is only available to YPRED presale buyers.
Exclusive WriteMingle Beta Test Program Invitation for YPRED Presale Buyers: Secure Your Early Bird Lifetime Subscription!
Dear Valued YPRED Presale Investors,
We're excited to extend an exclusive invitation to you, our esteemed YPRED presale buyers, to be part of a... pic.twitter.com/alllGVvpbj
- yPredict.ai (@yPredict_ai) September 1, 2023
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