According to Cointelegraph, analyst HODL15Capital pointed out that a very “interesting monthly candle” may appear on the Bitcoin chart in August, indicating a potential trend reversal.
FXPro senior analyst Alex Kuptsikevich said the Dragonfly Doji on Bitcoin’s monthly chart reflects optimism for a recovery after a failed start to the month, but he warned that the month is not over yet and it is too early to confirm the pattern.
Kuptsikevich added that Bitcoin needs to break $68K to break the downtrend and $74K to enter “uncharted territory” with the potential for rapid growth to $110K.
Apollo Crypto analyst Henrik Andersson believes that the market is more driven by fundamentals and sentiment, and is expected to be affected by the Federal Reserve's interest rate decisions and the US election in the coming months.
Currently, Bitcoin price is down 1.2% and trading at $63,150. The dragonfly doji on the monthly chart has turned into a hammer, which is also considered a bullish reversal pattern.
