Bitcoin's Value Prospects: Is a 15% BTC Uptick on the Cards?

Bitcoin’s Value Prospects: Is a 15% BTC Uptick on the Cards?

Updated: 15 August 2023

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For over a month now, Bitcoin price has been trading sideways, with only an occasional sharp surge or a price drop, and the longer this continues, the more extraordinary explosion is expected to be once its usual volatility returns. There have been signs that the coin is starting to lose its stability.

The most recent ones happened yesterday, August 14, when BTC dropped from $29,400 to $29,143, only to recover to the previous level, then surge to $29,630, and then fall again to $29,300. Since then, the price has fluctuated between $29.3k and $29.4k, but this increased volatility shows that Bitcoin is beginning to lose control and that bulls and bears are starting to engage in a new fight for dominance.

Analysts believe that the price is now entering a bullish period and that the $29,132 low can reverse the bearish trend. If so, BTC might see up to a 15% uptick.

Bitcoin holders hit all-time on-chain spending low

Bitcoin has seen a few significant news reports that may have impacted yesterday’s price change.

One report came from Glassnode, an on-chain analytics provider, whose weekly market update revealed little to report. Glassnode’s announcement came in with rather underwhelming news, stating that the markets have hardly moved over the past week.

Volatility is seeing record lows, and Bitcoin is seeing extreme apathy and exhaustion. Of course, this report came out before the price showed signs of life again.

The #Bitcoin market has reached a stage of extreme apathy and exhaustion, with volatility measures and several key on-chain indicators reaching all-time-low readings. With the market being somewhat top-heavy, we assess how investors are responding to the boredom.

Discover more… pic.twitter.com/MLmmpVLeLQ

— glassnode (@glassnode) August 14, 2023

Europe gets first Bitcoin ETF.

While the US is still waiting for the SEC to decide whether or not to approve a Bitcoin ETF, Europe just got its first exchange-traded fund based on Bitcoin, which went live on Euronext Amsterdam.

The ETF was launched by a London-based company, Jacobi Asset Management, which received approval from the Guernsey Financial Services Commission nearly two years ago in October 2021. The company initially intended to launch the ETF in 2022, but the market behavior, the Terra collapse, and the bankruptcy of FTX caused the firm to postpone the launch and wait for a better moment.

This moment has finally arrived, and Jacobi FT Wilshire Bitcoin ETF is finally live, trading under the ticker BCOIN.

Bitcoin ETF verdict due end of this week

Speaking on Bitcoin ETFs in the US, the DD Circuit Court of Appeals is anticipated to deliver a ruling on the Grayscale Investments’ lawsuit against the US SEC this week. The case pertains to Grayscale’s bid to convert its existing Bitcoin trust into a spot Bitcoin ETF.

Right now, things could go either way for Grayscale, and many in the crypto community are highly interested in seeing the court’s decision.

Interestingly, an analyst for Bloomberg, James Seyffart, announced earlier that he believes today, August 15, will be the day when the verdict will be revealed.

8/15 has been my theoretical Grayscale lawsuit decision date for a while now but it’s really just an educated guess. I didn’t even do detailed analysis on the court decisions like @SGJohnsson did. But I did a little bit of it and also had convos with @NYCStein about timelines

— James Seyffart (@JSeyff) August 14, 2023

Wall Street Memes presale about to hit $24m

Wall Street Memes (WSM), the project dedicated to commemorating retail investors’ fight for justice in 2021, is in the final days of its presale. According to the project’s schedule, the presale should end in late August. The project has already performed exceptionally well, raising $23.95 million as of the time of writing.

The project will likely hit $24 million raised in a few hours, currently with its WSM tokens selling for $0.0337. The current presale stage will continue for another four days, and then it will enter the next phase when the price will go up to $0.0334. Those who wish to participate now have a limited window of opportunity, and they can buy WSM with ETH, BNB, USDT, or credit card.

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