{"id":566325,"date":"2024-08-19T15:27:14","date_gmt":"2024-08-19T15:27:14","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=566325"},"modified":"2024-08-19T15:19:22","modified_gmt":"2024-08-19T15:19:22","slug":"bitcoin-price-prediction-btc-drops-3-as-traders-eye-jackson-hole-fed-meeting-and-crypto-all-stars-blast-past-500k","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-drops-3-as-traders-eye-jackson-hole-fed-meeting-and-crypto-all-stars-blast-past-500k","title":{"rendered":"Bitcoin Price Prediction: BTC Drops 3% As Traders Eye Jackson Hole Fed Meeting And Crypto All-Stars Blast Past $500k"},"content":{"rendered":"

The Bitcoin price has dropped 3% in the last 24 hours to trade at $58,382<\/a> as of 6:50 a.m. EST on a 38% surge in trading volume to $19 billion.<\/p>\n

The BTC price drop comes as traders eye the upcoming Jackson Hole Federal Reserve meeting. Recent data indicates that inflation is steadily decreasing toward the Fed’s 2% target, while consumer spending remains strong and layoffs have not increased.<\/p>\n

The traders are betting on a 72% chance that the Fed will lower interest rates by 25 basis points by the end of its September meeting, with a 28% chance of a 50 basis point cut. A week ago, the odds of a deeper cut were at 50%.<\/p>\n

Bitcoin Price Analysis: Bullish Pennant Formation Triggers Potential Upward Breakout<\/h2>\n

BTC\/USDT shows a classic technical pattern unfolding over several months. The price action has been forming a bullish pennant, characterized by consolidation within a downward-sloping channel following a significant price surge earlier in the year.<\/p>\n

The price has recently begun rebounding at the lower boundary of the pennant, a move typically seen as bullish, suggesting a potential upward continuation.<\/p>\n

\"Bitcoin<\/p>\n

BTCUSDT Analysis Source: Tradingview<\/p>\n

A double bottom support is also evident, reinforcing the strength of this breakout. This double bottom pattern, often considered a strong reversal signal, has provided a solid base around the $58,000 level, preventing further declines and contributing to the bullish outlook.<\/p>\n

Bitcoin has been closely interacting with the 50-day moving average, which has served as resistance during the consolidation within the bullish pennant. A successful break above this level would signal a shift toward a more bullish market sentiment.<\/p>\n

Although the 200-day moving average is below the 50-day, Bitcoin’s price hovering around this level indicates strong support. Maintaining the price above both averages would reinforce the bullish outlook, suggesting the market is ready to resume its upward trend.<\/p>\n

Additionally, the Relative Strength Index (RSI) at the bottom of the chart shows a reading of around 44, indicating that the asset is neither overbought nor oversold, leaving room for further price movement. The RSI trend seems to form a higher low, which often aligns with potential bullish momentum.<\/p>\n

The recent increase in volume accompanying the breakout also supports the case for a strong upward move. Traders may seek confirmation of this breakout and target the $80,000 level as a potential profit-taking zone.<\/p>\n

Bitcoin Price Prediction<\/h2>\n

The confirmation of the double-bottom support suggests that Bitcoin could be poised for a significant upward movement. The target price of around $80,000 aligns with the measured move from the pennant, indicating a possible substantial rally in the coming weeks.<\/p>\n

Given the supportive volume during the breakout and the RSI’s current position, which shows room for further upward momentum, it’s likely that Bitcoin will attempt to reach this target price.<\/p>\n

However, closely monitoring key levels is important; a sustained move above the recent highs of nearly $70,000 would strengthen the bullish case. Conversely, a failure to hold the breakout level around $58,000 could signal a potential retracement or further consolidation.<\/p>\n

Is This The Best Meme Coin To Buy Now?<\/h2>\n

As the Bitcoin price struggles, some investors are piling into the new meme coin Crypto All-Stars (STARS)<\/a>, which has raced past $541k in funds raised in its presale.<\/p>\n

This bullish move has led to analyst and YouTuber Jacob Bury saying that STARS could soar 10X after its launch.<\/p>\n