August's Weakness: Analysts Split on Bitcoin's Next Move
Bitcoin's price action in August has historically been lackluster, but analysts are divided on whether this month will be an exception. According to Coinglass data, since 2013, Bitcoin has averaged a return of 1.1% in August, but the median return is -6.99%, suggesting a negative bias.
The latest numbers show that Bitcoin's price was trading at $63,208, up 0.2% in the last 24 hours. Retail sentiment around BTC remained in the 'bearish' zone, while chatter stayed at 'normal' levels.
Pseudonymous analyst PlanB believes that Bitcoin is in a 'bottoming process,' pointing out that previous market bottoms have taken anywhere from one to three months to form. He notes that Bitcoin ended July at about $62,800, near its 200-week moving average, with a monthly RSI below 50 and a falling realised price.
Crypto analyst Michaël van de Poppe disagrees, saying that the 'upward target remains to be $83,000' and pointing to compressed volatility across crypto markets as a sign of a big breakout.