What will Bitcoin do in August 2023? We analyze the first seven months of the year and look forward
Last Updated on 6 November 2023 by CryptoTips.eu
Bitcoin appears to struggle to surpass the $30,000 price level. What can we expect from the month of August that is coming up and what already happened in 2023 so far. A short overview and analysis before we look forward to the next five months of the year.
January and February
After 2022 had meant a very bad year for both tech stocks and crypto, 2023 started off quite differently. In the first two months of the year, optimism dominated the news and many were convinced they were doing a good deal buying Bitcoin below $20k.
January ended the month with a gain of 39%, in February Bitcoin remained quite stable.
March and April
In March, a banking crisis erupted in the US. The global media initially blamed crypto, but after several midsized American banks and also one very large European one (Credit Suisse) went under, it became very quiet on that front.
Bitcoin benefited during that period and continued to climb as high as $30k.
In March, Bitcoin rose by 23%, in April it added another 3%.
May
Inflation and interest rate hikes from the Federal Reserve and the ECB dominated the news and Bitcoin could not really rise any higher. No one really started to panic, but this month was clearly the least exciting of the year so far.
In May, Bitcoin Lost 7%
June and July
The SEC’s complaints against both Binance and Coinbase (only a few days apart) briefly pushed Bitcoin below $25k, but thanks to interest from Wall Street, the largest digital coin quickly shot higher again a week after.
After Blackrock announced it would file an EFT application for Bitcoin trading with the SEC, $30k became a foothold. The new crypto platform EDX Markets, backed by some Wall Street giants, also provided broad support around $30k.
Bitcoin rose 12% in June and remained virtually unchanged in July (so far).
What will August bring?
Historically, August is a volatile month for Bitcoin (when Bitcoin rises in August it’s usually very fast, when it falls it’s usually by 10 to 15%), so it’s hard to predict what it will do this time. What is certain is that optimism about crypto may increase as from the fall because of the many ETF applications for a Bitcoin trading fund by Wall Street companies which will dominate the news cycle.
The countdown to the next halving (in the first half of 2024) is also likely to drive the Bitcoin price.
