BTC Nears $26k – Market Fatigue or Sustainable Growth?

On Aug 28, 2023

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The Bitcoin price dipped again with the start of the new week, once again venturing below $26,000 per coin. After the Friday drop to $25.8k, Bitcoin recovered over the weekend, returning to $26,000.

The coin started Saturday above this level, only to begin seeing fluctuations that took it under it in the second half of the day.

On Sunday, BTC saw another recovery of nearly $26.2k. However, with the arrival of Monday and the start of the new week, the coin started dropping again, sinking to $25.85k. At the time of writing, Bitcoin is beginning a sharp surge, bringing it to $25,953. However, it is still $0.4% lower than 24 hours ago.

However, there is an increase in activity, as its 24-hour volume climbed to over $8 billion, compared to $6 billion seen throughout Sunday.

According to a pseudonymous analyst, Immortal, Bitcoin might soon see its last significant dip before the price starts seeing a parabolic rally to $50,000 per coin and possibly higher.

According to the analyst’s post on X, BTC might first see a sharp drop to $20k.

Last dip ever.$BTC pic.twitter.com/ufS6ZwWyGH
— Inmortal (@inmortalcrypto) August 26, 2023

Crypto Industry’s Longest Bear Market

With Bitcoin’s unusual behavior throughout the summer, many experts have shared their thoughts on the coin and what might happen next. CEO and founder of MN Trading, Michael van de Poppe, is one of them, and he described the current market as the longest bear market in Bitcoin’s history.

He also acknowledged the prevailing sentiment of doubt and pessimism, particularly among the new arrivals to the crypto market, who have yet to experience a strongly bullish period.

Van de Poppe pointed out that Bitcoin has been going through cycles throughout its history, seeing significant expansions and massive corrections, followed by accumulation and renewed growth.

The longest bear market in history for #Bitcoin
It might feel like a ghost town in crypto. It might feel like there’s not even going to be a bull cycle anymore and I understand why these thoughts are there.
But why?
Well, people base their decisions on history. 👇… pic.twitter.com/Ljtv9wmw12
— Michaël van de Poppe (@CryptoMichNL) August 27, 2023

With the end of the crypto winter of 2022, the BTC market resembles what was seen in 2015 and 2019. Much is just sideways movement and waning faith despite fundamental solid growth.

What Next For Bitcoin?

Bitcoin will eventually see another bull run; there is no doubt about it. However, this may take as long as early 2025, judging by historical data.

As for the short term, the coin’s behavior is harder to predict. One analyst believes the price will continue to drop until it hits $24,800, after which the price will pump back to $27,000.

Another expert noted that they see range within a range, with the tight range between $25.8k and $26.2k, while the broader scope is between $25.2k and $26.8k. In other words, even if Bitcoin breaks out of the tight range, it will still be trapped in the wider one.

This also fits in with van de Poppe’s statement that the industry is not moving at all, which has been the case throughout the summer, not counting a few short-term bursts or drops. However, BTC has been moving sideways for two whole months now.

Wall Street Memes Presale is Almost Over

Throughout the summer, market participants who avoided Bitcoin due to its volatility and uncertainty have turned to the most popular meme coin presale, Wall Street Memes (WSM). The project, inspired by a subreddit WallStreetBets, which stood up against institutional stock shorting in 2021, is reaching the end of its presale.

Wall Street Memes raised over $25 million during its presale and is in its final days. This is the last chance for potential buyers to get the token before it emerges on exchanges, which will happen in exactly 30 days.

The coin is currently available at $0.0337 and can be purchased via ETH, USDT, BNB, or credit/debit card.

Wall Street Memes – Next Big Crypto