💥💥💥 The Biggest #CryptoPredictions for August 2024

#CryptoMarketUpdate : Key Developments and Forecasts for August

The crypto market has experienced notable volatility over the past month. As we move into the second month of Q3, several major developments are anticipated, which could significantly impact market dynamics & crypto asset prices.

Bitcoin Poised for a New All-Time High

Bitcoin is on the cusp of setting a new all-time high, currently trading less than 13% below its peak of $73,800. With strong momentum & positive sentiment surrounding the leading cryptocurrency, there's potential for Bitcoin to surpass its previous record soon.

At present, Bitcoin is trading at $64,700 & is forming a bullish, broadening descending channel. This pattern suggests a potential 21% rally, and while the ascent may be moderate, a new all-time high seems likely.

Investors remain optimistic about Bitcoin’s prospects, fueled by its resilience & increasing institutional interest, which contribute to its potential for record-breaking performance.

Political Tokens Facing Decline

Political tokens are expected to decline as excitement around the US elections fades, especially after President Biden’s withdrawal. Initial enthusiasm is likely to wane, reducing interest & investment in these tokens.

Major political tokens like TRUMP, MAGA, and #MVP have dropped up to 65% in the past month. As political events lose influence, these tokens' value & relevance may decline. Investors should approach them with caution.

#AltCoinSeason Forecast

August is unlikely to see an altcoin season due to the market’s bearish sentiment. Despite occasional rallies, a cautious outlook is impacting altcoin performance. Investors should expect slower gains for altcoins this month.

The altcoin season index shows a Bitcoin Season, favoring Bitcoin over altcoins. Significant altcoin growth is unlikely unless 75% of the top 50 tokens outperform Bitcoin. With the current bearish trend, investors should focus on Bitcoin and major assets until conditions improve.

Source - beincrypto.com