Bitcoin Price Prediction: BTC Tumbles - Is The Bear Run Back On Track?

Bitcoin Price Prediction: BTC Tumbles – Is The Bear Run Back On Track?

Updated: 02 September 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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Bitcoin had a bumpy week, surging after Grayscale’s landmark legal win against the Securities and Exchange Commission (SEC) on Tuesday and then losing all those gains after the regulator delayed a decision on approving seven spot Bitcoin ETFs on Thursday.

The dominant cryptocurrency is down about 0.8% in the past 24 hours, as of 5:20am ET, at $25,798. The price has faced resistance at $26,100 and support at $25,400. While Bitcoin has bounced from this support level, the bearish trend is likely to continue given a lack of market-moving developments.

Bitcoin Dumps To $25,700

In August, BTC rallied and almost touched $28K before the uptrend was rejected at $27,900.

Bitcoin set a monthly low of $25,400 yesterday. Bears appear to be in control, and if a trend reversal fails, BTC will return to June lows.

If Bitcoin’s price action mimics the trend in mid-June and fails to hold levels above $25,800, it will plunge towards $24,900.

Buyers and sellers currently appear undecided. If buyers enter the market and trigger a rally, the coin will likely rally towards the $26,000 price.

Is The Bear Market Bottom In?

Bitcoin appears ready to mimic its past price actions. With the slow but steady price decline, the $25K levels may fail to hold.

If Bitcoin repeats a price action similar to September last year, $20K might fail to hold, and the coin will drop to $18K.

In this case, BTC will have created a bear market bottom when the price consolidates below $20K.

But with a possible spot Bitcoin ETF approval next month, traders may be unwilling to sell at the current levels. The Bitcoin fear and greed index is 39, indicating neutral sentiment.

Bitcoin Fear and Greed Index is 39 — Neutral
Current price: $25,799 pic.twitter.com/b63f0tnyqX

— Bitcoin Fear and Greed Index (@BitcoinFear) September 2, 2023

Former SEC Chair Says Bitcoin ETF Approval Is Inevitable

The former chair of the SEC, Jay Clayton, has said that the approval of a spot Bitcoin ETF is “inevitable.” Clayton’s remarks come after the US securities regulator delayed its decision on seven applications.

JUST IN: 🇺🇸 Former SEC Chair Jay Clayton says Spot #Bitcoin ETF approval is "inevitable" pic.twitter.com/75dgWzDtqe

— Watcher.Guru (@WatcherGuru) September 1, 2023

Grayscale Investments CEO Michael Sonnenshein told CNBC that approval of spot Bitcoin ETF is “a matter of when and not if.”

Wall Street Memes Inches Closer To Exchange Listing With Over $25M Raised

The Wall Street Memes presale is performing exceptionally well, having raised over $25 million just weeks after launch.

The Wall Street Memes team has leveraged robust marketing strategies and attracted an engaging online community. The project has defied the odds as it anticipated an exchange launch in the coming weeks.

The WSM presale is in the last stages, with 25 days before closing. Traders are rushing to buy at the presale price of $0.0337 before the price explodes after WSM is listed on exchanges.

Smog (SMOG) - Meme Coin With Rewards

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