Bitcoin (BTC) price trading below the crucial barrier of $30k, and sellers maintained their grip by tightly preventing the range. However, mighty bulls continuously tried to overtake the spot but failed to surpass it. In the last month, BTC price showed a breakout of the falling wedge pattern and rallied toward $31K, but buyers did not sustain there and showed a retracement toward $29K.

At the moment, Bitcoin (BTC) technical parameters indicate the buyers are accumulating the price and looking to retest the $30K mark soon. However, the price is close to the 100-day EMA, and a bounce can be anticipated. Moreover, BTC price trading inside the rising wedge pattern took support at $28500 and showed a bounce.

However, the BTC price was noted as a fake breakout on the charts, and buyers were trapped in the last sessions, trying to attain a bounce to unwind their long positions, indicating a rebound toward $30K in the upcoming sessions.

At press time, Bitcoin (BTC) price is trading at $28,911 with an intraday drop of 1.58% showing neutral indications. Moreover, the trading volume increased by 2.32% to $14.43 Billion. However, the market capitalization of BTC is $561.86 Billion. The intraday high of BTC is $29,468.88, and the intraday low is $28,835.13 showing a failure to sustain above $29K.

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The post Bitcoin Price Prediction: Will BTC Price Hit $40K By Mid August?appeared first on Coinpedia Fintech News

Anticipation is higher in the crypto space as experts project a bullish trend for Bitcoin’s price in the coming weeks.

Notably, the BTC is already entered its accumulation phase and as expected by everybody is eyeing a whooping $1,00,000 target before halving.

As highlighted by many there are several factors, including recent developments such as the favorable XRP lawsuit ruling and the increasing interest in spot Bitcoin ETFs by major institutions like Blackrock and Citadel, that are contributing to the positive sentiment. 

One such analyst is spilling the beans about why there is an impulsive move in BTC Price. 

$10K in the upcoming weeks? Analyst Theory

In a recent post in Platform X, the crypto analyst, CrediBull, stated that he has closely studied Bitcoin’s price movement and identified a significant build-up of upward momentum over the past three quarters. This suggests that a powerful surge is likely to occur in the near future, potentially propelling Bitcoin’s price above the $10,000 mark.

While displaying a strong parallel with past price movements, CrediBull notes that the previous upward surge from $24,000 to $31,000 was remarkable, and the next wave could be even more aggressive, possibly driving Bitcoin’s value up to an impressive $42,000.

But what is the reason behind such projections? He further explains that based on a pattern observed in the longer time frame, where the third wave tends to be a multiple of 1.67 times the projection of the second wave, which triggered the recent significant price increase. 

However, there is one more interesting observation made by the analyst that the deviations in Bitcoin’s price since November 2023 have displayed strong upward impulses and relatively minor retracements, signalling a bullish trend.

While a minor dip might occur around the $27,900 mark before the next upward impulse, the current price range indicates that Bitcoin is potentially close to finding a local bottom. This situation has heightened expectations that an aggressive upward movement could be imminent within the next two weeks. $BTC #LUNCDream #CryptoWorldbyINQ2

"Bitcoin's recent dip to $29,200 has set the crypto market abuzz, causing nearly $50 million in realized losses - predominantly from short-term holders. But what about long-term holders? Their behavior can significantly influence market dynamics. Amidst the chaos, on-chain analytics reveal an intriguing trend. Despite market turbulence, data indicates these stalwarts are showing resilience, but there's a twist. A key metric suggests a precarious situation for another group... Will this trigger further market volatility? #LUNCDream #CryptoWorldbyINQ2 $BTC

Tether Holdings Limited, issuer of USDT, has released its assurance opinion for Q2 of 2023, completed by BDO, a top five-ranked global independent public accounting firm. The report reaffirms the accuracy of Tether's Consolidated Reserves Report (CRR) as of June 30, 2023, and provides new insights into the company's financial standing and investment strategies.

Tether's excess reserves have increased by approximately $850 million, reaching a total of $3.3 billion at the end of Q2. Excess reserves are the company's profits that are not distributed to shareholders and are kept on top of the 100% reserves that Tether maintains to back all outstanding tokens.

The CRR reveals Tether's indirect exposure to US Treasuries, including those held by Money Market Funds and those collateralizing its Overnight Repo. The total amount of Treasuries backing Tether's stablecoins is about $72.5 billion.

Tether's operational profits for April to June 2023 are over $1 billion, marking a 30% increase quarter over quarter. The company also disclosed a share buyback amounting to $115 million USD, a sign of consolidation.

Tether has made investments in energy-related initiatives financed from the profits of this quarter. These investments are not included in the CRR as they are not considered by Tether as an eligible reserve for the token in circulation.

Tether's reserves remain highly liquid, with 85% of its investments held in cash and cash equivalents. The CRR and BDO's independent attestation confirm that Tether's consolidated assets exceed its consolidated liabilities, with total assets amounting to at least $86,499,251,218 and total liabilities amounting to $83,200,775,340.

Paolo Ardoino, CTO of Tether, expressed pride in the reserves attestation, stating, “Transparency is not just a buzzword for us; it is the cornerstone of our philosophy. We believe that open communication and strong financials foster trust and reliability, and this is what the global community deserves especially in a year devastated by many failures across the banking and crypto industry."

The latest report from Tether emphasizes the company's commitment to transparency, risk management, and community engagement. By disclosing detailed information about its reserves, investments, and financial strategies, Tether aims to set new standards in the industry and foster trust among its users and stakeholders. The increase in excess reserves, investment in US Treasuries, and focus on energy-related initiatives reflect Tether's strategic approach to maintaining stability and driving innovation in the crypto space.

Source: blockchain.news

Image source: Shutterstock

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Bitcoin casts off a U.S. GDP "nothingburger" but DXY charges to two-week highs in what is traditionally a BTC price headwind.

Bitcoin (BTC) ate away at the prior day’s gains on July 27 as United States macroeconomic data produced a muted reaction.

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