Bitcoin Price Prediction: BTC Dives 1% – Market Corrections or More Downturn?

Updated: 23 August 2023

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The Bitcoin price continues to balance above $26,000 per coin, with only minimal fluctuations since BTC dropped to this level. Meanwhile, many are looking for reasons and explanations for why BTC is moving the way it is.

One veteran trader, Peter Brandt, believes that the world’s largest exchange by volume, Binance, may be at least partially responsible. Brandt said, “Binance is a global scam, and $BNB is just a cheap fiat.”

I have stated for years that CZ and @binance is a global scam and $BNB just a cheap fiat. Watch it all unravel https://t.co/B1SRFFWgY0

— Peter Brandt (@PeterLBrandt) August 22, 2023

The statement came in response to a different post on X, written by Mike Alfred, who claimed that CZ, Binance’s CEO, has been dumping Bitcoin, trying to hold up the value of BNB.

However, according to Alfred, this strategy is not working, and BNB continues to bleed out. He also predicted events to come, noting that Binance will shut down withdrawals for all customers, which will cause Bitcoin to rally, and maybe even form a God Candle.

https://twitter.com/mikealfred/status/1694024641973833760

Coinbase, the largest US exchange, also commented on the matter, noting that this fuels concerns regarding Binance’s stability and the potential impact on the crypto market. With less than a year since the collapse of FTX and its effect on the crypto industry, these concerns are entirely understandable.

Bitcoin Mining Difficulty Jumps By 6%

While Bitcoin’s recent price dip has caused many to panic and sell their holdings, it appears that Bitcoin miners remain pretty confident in the network. The current on-chain data revealed that the mining difficulty has surged by another 6.17%, reaching a new all-time high.

This suggests that there are more miners, or at least more computing power put into the mining process, which made the difficulty jump up. This is good news for the security of Bitcoin’s network. According to a contributor to the on-chain analytics platform CryptoQuant, MAC_D, this also suggests that market participants have high confidence in the security and reliability of the network.

Meanwhile, data from Glassnode reveals very little tangible change in the amount of Bitcoin miners and mining entities held. The company has noted that the figure obtained by miners’ figure was just over 1.83 million BTC as of August 22, which is only 0.08% up since the beginning of this month.

How Does Bitcoin Price Behave?

On a weekly chart, Bitcoin’s price action has been relatively stable since the drop occurred on August 17 and 18. The coin has not been venturing far from $26k in either direction, although there have been slight fluctuations in the past four days.

One of the largest ones took place late on August 22, when Bitcoin dipped to $25.6k, although it immediately bounced back up to $26.2k, only to return to $26.02k, which is where it also sits at the time of writing.

Moving forward, analysts expect to see the start of a Bitcoin correction, noting that the price is still bearish overall and is approaching a strong support zone.

Some, however, expect the coin to see another crash to $21.5k, which will then be followed by a sharp correction to $26k, which is where the cash sits right now. Analysts stress that the coin is cheaper now, but anyone seeking to purchase might want to wait for a more significant dip before buying.

Wall Street Memes About to Complete Presale

While Bitcoin remains unstable and uncertain, many are turning to new cryptocurrencies, specifically those currently in their presales.

The biggest and most popular one is Wall Street Memes (WSM). The project’s presale has entered its final round, selling its token for $0.0337.

The project has raised over $25 million during its presale and will likely raise that figure to $26m or higher before the end. Its token will reach top-tier exchanges in 35 days, and the presale will end in late August.

That said, anyone seeking to buy the token should act now, as this is their final chance.

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