Are you interested in the current state of Bitcoin and cryptocurrency trading? If so, you’ve come to the right place! At Extreme Investor Network, we provide valuable insights and analysis that you won’t find anywhere else.
In recent months, Bitcoin has experienced some challenges in its trading action, with August proving to be a tough month for the leading cryptocurrency. Bitcoin slid 10.25%, marking its worst month since April. Similarly, ether dropped 23.66%, its third monthly drawdown and worst month since June 2022. This discrepancy suggests that while bitcoin has seen some success with ETFs in 2024, the rest of the crypto market is struggling to follow suit.
Our expert analysts at Extreme Investor Network have identified key trends that are influencing the current state of Bitcoin trading. According to chart analyst Rob Ginsberg, Bitcoin is stuck in a descending trading range, with the price gradually deteriorating since March. This trend of lower highs and lower lows indicates a bearish outlook in the near-to-mid-term direction of price.
Looking ahead, Bitcoin is likely to remain rangebound between $50,000 and $70,000 for the next month at least. Factors such as the looming U.S. presidential election and uncertainty around interest rate cuts are contributing to this market stagnation. However, positive catalysts, such as FTX cash distributions and supply overhangs being resolved, could potentially impact Bitcoin’s price in the coming months.
At Extreme Investor Network, we provide in-depth analysis and expert insights to help you navigate the complex world of cryptocurrency investing. Stay tuned for more updates and market predictions from our team of experienced investors and analysts. Invest wisely with Extreme Investor Network.