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Crypto community with 85% historical accuracy sets BTC price for August 2023

Crypto community with 85% historical accuracy sets BTC price for August 2023

As Bitcoin (BTC) continues to consolidate below the psychologically important $30,000 level, the cryptocurrency community is in the bearish mode as well, predicting a further decline in the price of the flagship decentralized finance (DeFi) asset over the next few weeks.

Particularly, the votes of 3,564 members of the cryptocurrency market analytics platform cast by press time suggest that the community there expects Bitcoin to drop to the average price of $27,315 on August 31, according to the most recent data retrieved by Finbold on July 28.

BTC community prediction. Source: CoinMarketCap

Indeed, should the CoinMarketCap community’s estimations for the end of the next month come true, the final situation would represent a decline of -6.47% or -$1,890 to the current price of the maiden cryptocurrency, which at the time of publication stood at $29,205.

Significantly, the average historical accuracy of the crypto community’s projections for Bitcoin in the past six months presently amounts to 84.46%, which makes them a valid alternative to other price-predicting tools, such as those deploying artificial intelligence (AI) algorithms.

BTC community accuracy. Source: CoinMarketCap

Bitcoin price analysis

Meanwhile, the current price of Bitcoin represents a decline of 1.1% in the last 24 hours, adding up to a loss of 1.89% across the previous seven days and a 3.58% decline on its monthly chart, according to the most recent information retrieved on July 28.

Bitcoin 30-day price chart. Source: Finbold

Despite the bearish sentiment of the crypto community at CoinMarketCap, Bitcoin’s real-time technical analysis (TA) gauges paint a different picture. In fact, their 1-month summary is giving off a ‘buy’ signal’ at 9, based on moving averages (MA) pointing at a ‘strong buy’ at 8 and oscillators in the ‘neutral’ at 9.

Bitcoin technical analysis sentiment gauges. Source: TradingView

In the meantime, data suggests that Bitcoin could be facing tough months during the third quarter of 2023 as, historically, it has experienced a decline during this time frame. Hence, it implies that the crypto community might be correct in its estimates.

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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