August has started with a lot of uncertainty after the volatility in cryptocurrency prices last month. Moreover, as we enter the second month of the third quarter of the cryptocurrency market, significant developments are expected. A new month is expected to have an impact on the market and cryptocurrency prices, some of which are positive and some of which are negative.

Will the price of Bitcoin rise?

Bitcoin price has corrected after reaching $70,000, raising doubts about a new all-time high (ATH). Even so, the market still has expectations for an ATH, with the current price 16% below the $73,800 area.

With the potential for rate cuts in the U.S. and stabilization of the global situation, Bitcoin is expected to hit new highs.

As of the time of this article’s publication, BTC has found buying at $61,700 after yesterday’s decline and is still moving within a widening descending channel, with upside potential. Based on the current chart, a 21% gain is expected, and even if BTC does not rise sharply, it is possible to surpass its all-time high.

In the future, BTC is expected to reach its all-time high with renewed attention from individual and institutional investors.

Presidential Themed Meme Coin

The US election has given rise to candidate-themed memecoins. After the incumbent President Biden withdrew from the race, people's interest in the US election has decreased, which is expected to have an impact on memecoins.

In the past month, top tokens such as TREMP, MAGA, and KAMA have fallen by as much as 65%, which has worried investors. It is worth noting that MAGA fell from $17 to $11 in 2019. In this situation, investors should be cautious about political tokens to seek benefits.

Is the altcoin bull market about to begin?

The likelihood of a bull run for altcoins starting in August is low due to the downward trend brought about by the overall market and global uncertainty. Although the price fluctuations are not large, the general market sentiment remains uncertain, which has a significant impact on the performance of altcoins.

When studying the Altcoin Seasonality Index, it is possible to observe the process of Bitcoin’s dominance in the cryptocurrency market. With the exception of stablecoins, it is impossible to talk about Altcoin Seasonality unless 75% of the top 50 tokens by volume outperform BTC.

Due to the ongoing changes in the market and the continued dominance of BTC, the altcoin bull run may come later than expected.



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