Bitcoin (BTC) is the most capitalized cryptocurrency, and its price fluctuations impact the entire digital asset market. Given coin’s importance, members of the crypto industry are always keen on its predictions. Let's learn about everyone’s favorite crypto, and what the experts think will go down in August 2023.
When it comes to August, historical data suggests that the end of summer is not the best time for Bitcoin’s price. Typically, we have seen some declines during this period. However, there is more to consider when analyzing Bitcoin's potential performance.
How bitcoin's price was changing by months. Statistics show that BTC risks spending August 2023 in a drop.
Bitcoin's price behavior is closely tied to halvings, where the mining reward is halved at regular intervals. You can find out about these halvings here.
BTC cycles occur roughly every four years. Observing past cycles, we have noticed some consistent patterns: a new all-time high (ATH), followed by a decline, a period of stagnation, and then a rally leading up to the next halving event. By the way, the next halving is scheduled for spring 2024, so it is not too far off.
If we look at the chart depicting Bitcoin’s movements since the last halving in May 2020, we can see similar patterns following the halvings in 2016 and 2012 (represented by the blue and pink lines). The orange curve reflects BTC’s behavior after its network launch and the first halving in 2012. But for our predictions, we will disregard this curve as it does not provide relevant insights for this analysis.
Based on the patterns seen after the 2012 and 2016, Bitcoin might experience some sideways movement or a slight decline in August 2023.
Comparison of Bitcoin behavior after halvings. The pink, blue, and green curves show the BTC’s reaction after the 2012, 2016, and 2020 halvings. The orange curve is the movement of BTC after the launch of its network, which happened before the first halving.
Bitcoin price prediction for August by experts and crypto community members
Alexander Ryabinin, a financier and independent financial expert, recently shared his Bitcoin forecast for August 2023 in an interview with itez journalists. He expressed the belief that there are no fundamental reasons for significant BTC growth in the last month of summer:
"Everything [the growth of the digital asset market] can stretch within the next year. The real "fun" will come with the presidential race [United States presidential elections 2024]. So we were blessed with an opportunity to accumulate more coins, preparing for the bullish cycle."
Inmortal, a prominent analyst within the crypto community, agrees with Ryabinin’s view. He anticipates a potential dip in BTC’s price to around $25,000 in August, followed by the possibility of Bitcoin's new ATH updating by the fall of 2024. To illustrate this, Immortal has provided a trajectory chart:
On the other hand, Michael van de Poppe, CEO of MN Trading and an esteemed analyst, offers an alternative Bitcoin price prediction for August 2023. In his opinion, BTC might have a chance to reach a new local maximum during the last summer month. Below is the chart displaying Poppe's estimated trajectory for BTC:
Poppe is convinced that now the crypto market stands at the "edge of the biggest bull cycle (time of growth) in history." In his opinion, it is partly influenced by Blackrock, the world's largest asset management company, showing interest in cryptocurrency. Notably, BlackRock stirred excitement in the market by exploring the launch of the first-ever spot Bitcoin ETF in the United States back in June 2023. If you want to learn more about the hype surrounding Bitcoin ETF and BlackRock’s role in it, check out our article.
PlanB, the creator of BTC prediction model S2F and an analyst, also agrees that Bitcoin has entered a bullish cycle and interprets signals from his own model.
The blue dots on the chart indicate the "bullish cycle" phase, which could lead the coin to new all-time highs. The gray curve represents BTC's projected trajectory, based on previous halvings.
Bitcoin price prediction: August 2023
Considering all these forecasts, the coin’s past behavior, the Blackrock’s interest, it looks like BTC might cruise through August with a bit of stagnation with a potential for a slight price increase.
If nothing very important happens, such as the first spot Bitcoin ETF in the history of the United States approval, the coin will probably remain drifting around current levels ($29–31K). However, if some big-shot company gives a thumbs-up to BTC, we could see a little boost in price. So, fingers crossed!
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This article is not an investment recommendation. The financial transactions mentioned in the article are not a guide to action. Itez is not responsible for possible risks. The user should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.