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Bitcoin price consolidates above $21,000 as big move imminent for BTC

Bitcoin price consolidates above $21,000 as big move imminent for BTC

In early U.S. trading on Wednesday, August 24, the price of Bitcoin (BTC) measured against the U.S. dollar is marginally down 0.27%, according to CoinMarketCap data.

Although prices have remained relatively stable this week, so far, bears now appear to have a slight technical edge in the short term, with Bitcoin trading at $21,409, down over 9% in the last seven days. 

Bitcoin 7-day candlestick chart. Source: CoinMarketCap

What’s more, volatility has been reduced as a result of the pause, which could indicate that a more significant price move is likely to occur shortly; presently statistical probabilities point to a more considerable move being to the downside.

Notably, the asset just had a two-month rise that resulted in its price surpassing $25,000, and investors are now concentrating on the cryptocurrency’s next target price. 

Crypto community BTC price prediction 

Based on the votes of 20,683 community members, the crypto community on CoinMarketCap forecasts that Bitcoin’s price will increase by more than 30% from its current level to an average of $29,346 by the end of September 2022.

After Bitcoin’s latest recovery, aimed at pulling the asset out of the prolonged bear market, the consensus forecast among the community is still favorable. 

However, Bitcoin’s failure to break the $25,000 barrier has surfaced as macroeconomic worries continue to take center stage. This is due to the fact that the cryptocurrency market has reacted badly to the decision of the Federal Reserve to increase interest rates in response to mounting inflation.

Crypto analyst sees a break higher

With that being said, cryptocurrency trading analyst Michaël van de Poppe suggests that it would seem that the cryptocurrency market is more willing to break higher than it is to break downwards right now. He noted:

“[It] Looks like markets are more eager to break upwards (crypto) than downwards. Consolidation happening, while some #altcoins are already breaking upwards out of that construction.”

Poppe added: 

“Overall, if $EUR / $USD will have a short-term bounce/reversal, I would expect risk-on to do really well. I’m still surprised with the recent strength of #Crypto, which has been consolidating quite nicely.”

Despite several weeks of increased volatility, the total value of the cryptocurrency market has maintained its position above the $1 trillion threshold as the market awaits Federal Reserve chairman Jerome Powell to address the annual global central banking conference on August 26.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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