Bitcoin Price Prediction: BTC Holds $26,000 Threshold – What's Driving This Stalemate?

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In the world of cryptocurrency, Bitcoin’s value has dropped by 10% over the past month, catching the attention of many. Currently, the trading price of Bitcoin is $26,050, and it’s up around 0.50%.

This happened around the same time as a significant event: a US lawmaker criticized how the SEC is making rules. This has affected the market and how people feel about Bitcoin’s price.

Also, economist Peter Schiff has been talking a lot about how he disagrees with the Federal Reserve’s actions and warns about inflation in the future. This has made the Bitcoin conversation more complicated.

In this update, we look into these things and see how they affect Bitcoin’s future. We’ll also see if Bitcoin can get support at $26,000.

US Lawmaker’s Concerns and Economist’s Warning Impact on Bitcoin Prices

SEC Chair Gary Gensler’s rushed and poorly analyzed method of implementing rules is now influencing Bitcoin prices, according to US Congressman Frank Lucas (R-OK).

Lucas worries about the potential economic consequences as these regulations go beyond just one industry.

Lucas, who chairs the House Financial Services Committee, is concerned about the sweeping effects of the SEC’s rule changes that ripple across interconnected markets.

Gary Gensler's @SECGov is pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input—threatening to upend our capital markets.@RepFrankLucas is holding the SEC accountable to ensure our markets remain the envy of the world. pic.twitter.com/DEwHgkwQZn

— Financial Services GOP (@FinancialCmte) August 21, 2023

Gensler’s strict rules for cryptocurrencies are getting criticism, and some experts think more rules will keep coming.

People also question the SEC and FINRA’s approval of Prometheum and the legal fight with Ripple Labs about XRP. This is making things uncertain and affecting how investors feel about BTC.

The market is easily affected by rules and legal fights, so BTC prices change. Economist Peter Schiff talks about Fed policies and future inflation.

Famous economist Peter Schiff is warning that the Fed’s past twenty-year mistakes have hurt the economy. Schiff thinks the Fed’s plan to fight inflation won’t work, even though the market is hopeful.

Peter Schiff: The Fed is in a situation where it cannot win

About ShipGold(dot)com ,

Most people now seem to believe that the Federal Reserve can defeat price inflation and lead the economy to a soft landing. In his podcast, Peter Schiff explains why most people get it wrong. pic.twitter.com/2joFRvLZlD

— XRP NESARA-GESARA QFS 3.0 (@NesaraGesara0) August 22, 2023

He says the current economy isn’t strong enough to be so confident. The economy is in a bubble, which goes against regular economic thinking because it’s driven by debt and too much spending.

Schiff also says that thinking a slow economy stops inflation is wrong. He thinks there will be more inflation.

He points out that the small rise in gold’s value is because people wrongly believe the Fed is doing well. Schiff disagrees strongly.

Schiff’s comments are making people worry about inflation and making the value of Bitcoin stop falling even more.

Bitcoin (BTC) 4-Hour Chart Analysis

Take a look at the 4-hour chart for important information. The price of BTC could reach a point where it faces resistance at $26700. If it goes above that, the price might increase. However, if it doesn’t go past that level, it could drop to about $26,000, a supported area.

Remember these important facts when checking the chart: there might be resistance at around $26700 and 27600, but the price might find support around $26000 and $25400.

In the upcoming days, if the price stays higher than the moving averages for 30 and 50 days, it might keep going up and even reach $26700 or more.

BTC’s RSI is over 40, and the moving averages for 30 and 50 days also point downward, suggesting the price could go down quickly. The moving averages and RSI signals indicate that BTC’s price could fall. Watch out for support level R1 at $26700 and the RSI-14. If the first resistance level breaks and the RSI-14 exceeds 50, the price might increase. Stop-loss orders are a wise choice to safeguard your investment from significant losses.

Bitcoin (BTC) Statistics:

BTC Price – $26050
Market cap – $507.15 Billion
Circulating supply – 19,468,356 BTC
Total supply – 19,468,356 BTC
CoinMarketCap ranking – 1

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Sonik’s Journey: Staking, Presale, and the Path to Prosperity

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Stay updated on Sonik news by following them on Twitter and joining their Telegram group for early listings.

Wake Up, Be fast, Buy $SONIK
💨https://t.co/s1fTdXEosi pic.twitter.com/mNgPMrV9MQ

— SONIK COIN (@Sonikcoin) August 24, 2023

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Sonik’s Surge in Asia: Thriving Amidst the Crypto Boom

Sonik is positioned for popularity in Asia due to its connection with the creators of Sonic the Hedgehog, even though it’s not an official Sega character. Japanese and other Asian crypto enthusiasts are expected to be attracted to it.

A Japanese, Simplified Chinese, and Korean translation of Sonik’s website will be available soon to reach this audience. Asia’s active crypto market makes it an exciting growth opportunity for Sonik.

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You can purchase Sonik on the Uniswap DEX post-presale using ETH or USDT. Connect your wallet to the Sonik website for the transaction, but act swiftly to avoid missing out.