Bitcoin Price Prediction August 2022

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Last Updated on 30 July 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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In the past few days, as the Federal Reserve announced another major rate hike and the US entered a ‘technical recession’, the stock markets (and crypto markets) have mostly been rallying. The ‘merge surge’ which surrounds Ethereum has taken it all the way up from $1,000 to $1,700 in a matter of week and Bitcoin retouched $24,000 (after hitting a low of $17,000 earlier this year). Are things looking up or what exactly should we expect for August 2022? Here’s what the experts are saying.

We’ve seen the first daily candle close above the 50-day EMA ever since April 7th, which means that the bulls are mostly dictating where price will go next. The overarching feeling is for a major bullish wave in August.

Two panels of crypto experts recently took a more detailed look at the bitcoin price predictions for the end of the year already and were very bullish indeed. The first 35-member group, as reported by Forbes, expected bitcoin to start the new year at about $76,000.

The second panel is less bullish. That one, according to Forkast, scaled back an earlier target to $65,185 as 2022 draws to a close. Still, that leaves a lot of upside still.

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Trend

According to Bitcoin Ed, the Dutch crypto expert, ‘news stories don’t create a trend, they either accelerate a trend or they slow down a trend’

YouTube video

He therefore concluded that the recent price rise could also be a ‘slowdown in that downtrend or a sudden change in the market .’ Ed is waiting for confirmation.

Another famed analyst, CryptoRover, claims that ‘bitcoin broke daily resistance and confirmed it as support.’

A final point of warning though. As we’ve also noted in July, the Mount Gox Bitcoin billions are set to be released in August.

If all early investors decide to cash out at that moment, this could create downwards pressure.

magann / Depositphotos.com