Bitcoin Price Prediction: BTC Stops The Drop - Bullish Sentiments Taking Over?

Bitcoin Price Prediction: BTC Stops The Drop – Bullish Sentiments Taking Over?

Updated: 21 August 2023

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The Bitcoin price has seemingly stabilized over the weekend after crashing from $29k to $25.4k last Thursday, August 17. On early Friday, the price recovered somewhat, climbing back to $26.8k before slowly dropping to $25,950. With the weekend’s arrival, Bitcoin recovered slightly, but enough to climb back to $26k and remain above.

The coin has been trading sideways ever since. At first, on Saturday, it would often test the support, which led it to $25.8k, or $25.95k. However, the price strengthened on Sunday, and the coin did not drop below the $26k support again. It came close to breaking it a few times, almost sinking to $26,000.

However, for the most part, the price remained slightly above this level, and the same is true for Monday, at least for now. At the time of writing, August 21, Bitcoin’s price sits at $26,035. This represents an 11% drop compared to last week but only a 0.2% drop in the previous 24 hours.

Currently, ‘sBTC’s price fluctuates between $26k as its support and $26.25k as its new resistance.

Can Bitcoin Recover?

Bitcoin price has dipped sharply, and historically, any sharp drop is typically followed by an equally strong rebound. Once the price finds its bottom, many tend to rush in to buy the dip, thus creating demand and creating conditions for a recovery.

Many Bitcoin traders expect this to happen now, just waiting for Bitcoin to see a growth spurt. More optimistic analysts hope the coin will continue after that, recovering losses and using the momentum to surpass previous highs. Whether or not this will happen remains to be seen.

Some have argued that this is where BTC is supposed to be and that the last two months of its price being around $29k or $30k is just a pump caused by the ETF filings. If correct, Bitcoin is technically back on track with this new price drop.

On an annual basis, the coin is still 22% up compared to last year, so this drop does not negate all the recovery in the previous eight months. Even so, it does disappoint all those expecting a start of a bull run.

Can Bull Run Still Come?

Some analysts have pointed out that Bitcoin’s behavior mirrors its 2020 market structure. t the time, the coin went from $16k to $69k in about a year. others have suggested that the coin is likely just taking a breather after its price continuously recovered in the past eight months.

If Bitcoin remains true to its pattern, a real bull run will not arrive before next year’s halving, especially since many point out that the new price action will likely discourage an ETF’s approval.

Ordinals Make Up 85% of BTC Transactions Over the Weekend

One exciting development over the weekend has seen the majority of Bitcoin transactions related to Ordinals. According to reports on Sunday, Bitcoin has seen 530,788 transactions in 24 hours. Round 450,785 of them were Ordinals-related.

Over the past 24 hours Bitcoin had 530,788 transactions.

450,785 of those transactions were Ordinals related.

In the midst of everyone claiming "Ordinals are dead" they have literally accounted for 84.9% of the activity on Bitcoin.

You can't make this stuff up.

— Leonidas (@LeonidasNFT) August 20, 2023

Interestingly, this happened when the crypto community claimed that Ordinals were dead, indicating this is false.

The hype surrounding the Ordinals has died down since its launch, but this weekend, Ordinals represented the primary use case of the Bitcoin blockchain.

85% of on-chain bitcoin transactions in the past 24 hours are ordinals related

EIGHTY FIVE PERCENT

the main usecase of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf

— Udi | BIP-420 🐱 (@udiWertheimer) August 20, 2023

Wall Street Memes Bags Another Million, $26m in Total

As the Wall Street Memes presale started approaching its end, those interested in buying the WSM token have doubled. ere days after reaching its $25th million raised, the project raised $26th million, currently sitting on $26.22m raised.

The presale is scheduled to end in late August, meaning it will only last for a few more days, which has encouraged many to start buying. The token’s price at the time of writing is $0.0337, and anyone interested in purchasing it can buy it via card or in exchange for ETH, USDT, or BNB.

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