Bitcoin Price Prediction: BTC Breaks $27,200 Barrier

Bitcoin Price Prediction: BTC Breaks $27,200 Barrier – What’s Driving the Momentum?

Updated: 31 August 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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After briefly surging from under $26k to $28k per coin on August 29, Bitcoin price saw a correction that broke several support levels the following day.

The first one was at $27.6k, which briefly stopped the coin from heading down, even allowing it to bounce back up to $27,740 before the drop continued.

Once the coin lost its momentum, it started falling again, and this time, it broke the support, heading down to the next one, which was at $27.3k.

This one held for most of August 30 but broke eventually, eventually leading Bitcoin down to $27,100. After that, the coin bounced back up again, reaching $27.3, which has since become a resistance.

Starting on August 31, the coin started trading sideways; its fluctuations were minimal. Bitcoin got trapped between support at $27.2k and resistance at $27.3k, and right now, at the time of writing, it still finds itself between these two levels, currently at $27,230.

Even the coin’s volume dropped to an average of $14 billion, nearly cut in half from what was seen only 24 hours earlier.

Some traders have noted that they are longing for the BTC/USDT pair and waiting for an exit signal, with $28,541 as a potential target in the vector candles, suggesting that there is still hope that the price will surge again before the bullish wave is over.

Bloomberg’s Analysts Believe BTC ETF Is Coming

According to Bloomberg’s analysts, chances of a Bitcoin ETF approval have improved after the recent Grayscale court win, going up to 75% in favor of support.

The court ordered the SEC to re-examine Grayscale’s proposal and its decision. Eric Balchunas, the analyst in question, believes that the regulator is out of reasons that would allow it to justify further denials.

NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w "very little wiggle room" via @NYCStein pic.twitter.com/IyEGmWjuHa

— Eric Balchunas (@EricBalchunas) August 30, 2023

The increased media attention is also not helping the SEC’s cause, and the regulator will need a real reason to reject an ETF again. Meanwhile, Grayscale CEO Michael Sonnenshein was recently interviewed on Bloomberg Markets. During the interview, he addressed the recent development regarding the court case, calling it a huge win.

He also admitted that Grayscale still doesn’t know what the final opinion will say until a 45-day window for an en banc hearing runs out.

As for the SEC, it did not contact Grayscale between the ruling and the interview.

But, the Grayscale victory will leave a mark, which the presidential candidate Vivek Ramaswamy also suggested. In his recent post on X, he said that the “shadow government” in D.C. is out of control and that Federal courts are now the only remaining line of defense for the people.

The shadow government in D.C. is out of control & the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin & blockchain innovation in the U.S.… https://t.co/FsykKyQEVG

— Vivek Ramaswamy (@VivekGRamaswamy) August 30, 2023

Wall Street Memes Presale In Its Final Hours

Wall Street Memes (WSM) presale has been one of the most successful meme coin presales, raising over $25 million. While it did not sell out within seconds like other presales in crypto history, the amount raised is impressive.

Still, the presale is now in its final stage, and it was scheduled to end alongside August, which happens today, August 31.

This is the last chance for potential buyers to purchase the token before the presale is concluded. After that, the token will be listed on crypto exchanges for 27 days from now. WSM sells for $0.0337, allowing users to buy it with USDT, ETH, BNB, or via credit/debit card.

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