Bitcoin Price Prediction: Can BTC Coin Sustain Momentum in Face of XRP20's Potential?

Bitcoin Price Prediction: Can BTC Coin Sustain Momentum in Face of XRP20’s Potential?

Updated: 09 August 2023

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Bitcoin price dipped to $28,750 on Monday, August 7, and most traders thought that was it and that the price had finally broken the support at $29k for the last time, ready to spiral down. However, the price suddenly shot up again after sinking to this one-week low level.

Initially, it seemed like it would stop at $29,250, as this level stopped its progression on early Tuesday, but as the day progressed, the price unexpectedly broke the resistance, surging up.

Its next big obstacle was $29,500, which also gave Bitcoin some trouble in the second half of the day. However, after a brief rejection, the coin broke through, surprising traders for the second time in 24 hours.

The biggest surprise came when BTC returned to $30k for the first time in over two weeks. The coin also managed to breach this resistance, reaching its highest point at $30,144 in the final hours of the day. However, the opposition did not really break, and Bitcoin’s price was rejected down to $29.7k, but even so, it has seen a daily increase of over 2.30%.

Today, Bitcoin sits at $29,812, and it appears it is starting another climb, although this one seems slower, steadier, and more genuine.

What Happens Next?

Many analysts believe that the BTC price is trying to use its support level within the fork structure to start a new bullish rally — 9 months ahead of the halving. More than that, the market sentiment seems optimistic, with some expecting the coin to return to the $31k range in the next few days, assuming that the supports don’t break in the meantime.

This suggests that Bitcoin will first try to ensure the supports are holding steady before it tries to venture further up. However, if the supports break, the price will drop to $28,460 and then $26,500.

As for moving forward, the coin will first have to break a resistance at $29.9k, followed by the one at $30.5k. Assuming it manages to do so, it can head back up to $31k.

Bitcoin Surges as Market Grows More Optimistic About Spot ETFs

Bitcoin’s new price surge came unexpectedly and without warning, but it appears to have been caused by the excitement regarding Bitcoin spot ETFs. The SEC has yet to decide, but many seem convinced that this time will be when the regulator finally approves one or more ETF applications.

#BTC has rebounded straight into ~$30,000

Last week & even in late April, $BTC was able to do the same but ended as an upside wick

Which is why a Weekly Close above ~$29250 is so important to show that seller pressure in this ~$29900-$30100 is getting weaker#Crypto #Bitcoin https://t.co/t26zlUBJLX pic.twitter.com/99Uer547JZ

— Rekt Capital (@rektcapital) August 8, 2023

It is also worth noting that Eric Balchunas, senior ETF analyst for Bloomberg, announced yesterday that some contacts from inside BlackRock and Invesco see the approval of a spot Bitcoin ETF as a matter of “when,” not “if.” As for when it might be approved, the popular opinion seems to be in four to six months. At least, this is what Galaxy Digital’s CEO, Mike Novogratz, said during the earnings call yesterday.

According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI

— Eric Balchunas (@EricBalchunas) August 8, 2023

Banking Expert Says Euro is Riskier than BTC

Another positive news for Bitcoin came from Bob Lyddon of Lyddon Consulting, a top banking expert and leading economist. Lyddon warned that the EU is on the brink of an economic disaster, as it lacks the reserves to support the EUR. He believes that the only reason why the euro is still standing is the fact that it is being sustained because the credit rating agencies have not yet downgraded Germany.

While he seems to view buying Bitcoin as gambling, he openly said that even “gambling on Bitcoin” is safer than holding EUR now.

XRP20 Presale Booms Raise $1.4 Million in Mere Days

Despite Bitcoin’s uncertainty, which seems capable of going up or down with equal likelihood, crypto users are still willing to take a chance with certain projects.

One of the most popular ones right now is XRP20, a token based on XRP that recently launched a presale on Ethereum’s network. The project’s goal is to reignite the passion of the XRP army with a new ERC-20 token that will bring staking to the XRP fans.

It aims to allow them to catch a similar opportunity as those who bought XRP at $0.0028 long before it reached its current levels. Currently, XRP20 is being sold for $0.000092 per token, and its presale will remain open until it comes to a soft cap of $1.85 million. However, the time is short, as the project has already raised $1.47 million since August 9. Anyone interested in purchasing it can do so via ETH, USED, or even BNB.

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