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Bitcoin price dropped on August 7, which led it to $28.74k, repeating the scenario from August 1. However, just like then, the price quickly recovered, climbing slightly higher than where it was before the brief drop.

After breaking the support at $29k, Bitcoin surged back to $29,250, which proved to be strong resistance. In fact, this resistance has held the coin’s price from going further up for the last 12 hours, rejecting its price three times during that time.

However, it also seems that Bitcoin found a minor support at $29.10k, so its price fluctuated between these two levels for the last 12 hours, continuing to push the coin deeper into trading sideways, as it uncharacteristically did for the previous month.

SEC’s Decision to Come on August 13

It has been around two months since leading US asset managers started filing for Bitcoin spot ETFs, and while the SEC rejected them all in the first wave, the refilings are expected to bring better results. Specifically, the SEC will likely finally approve a Bitcoin ETF in the country after a decade of various companies trying to get it to do so.

The significant ruling on ARK’s application for a Bitcoin spot ETF is coming, with the deadline being August 13. This will be a big move for the entire crypto industry. Many believe that Bitcoin requires a solid catalyst to make it start a bull run, and since the halving won’t happen until mid-2024, an ETF approval in the US might be strong enough to do it instead.

Of course, this is only speculation, and many argue that a BTC ETF would not change things much for Bitcoin or the rest of the crypto industry.

Preston Pysh Expects BTC to Climb 100% Each Year

Investor and podcaster Preston Pysh recently offered his prediction involving the price of Bitcoin, where he said that the coin would put up 100% gains annually. Pysh’s bold prediction came during his interview with Scott Melker when he said that Bitcoin would grow into a noticeable store of value and a hedge against increasing debasement of fiat currencies, especially the US dollar.

If I buy into this idea that Bitcoin is going to keep going up by like 100% a year, which I do, I buy into that idea because I know the debasement rate that the rest of the planet’s fiat currencies are going to go through. That’s why I think it’s going to go up relative to those currencies. But what I think a lot of people just for whatever reason can’t wrap their heads around is the entire planet’s expenses are denominated in those fiat currencies.

Pysh believes that the coin’s value relative to fiat will double each year as BTC becomes more adopted and used as a store of value.

What do Other Analysts Expect of Bitcoin’s Price?

Analysts worldwide recognize that Bitcoin’s current behavior is quite unusual, with the coin being stuck between two ranges for some time.

Generally, the transaction volume has been lower than expected, and the price dipped to $28.74k to show a sudden sell pressure before the buyers managed to balance things out. However, analysts seem to believe there is a high probability of BTC going back under $29k, and if this support breaks, the next one will be at $28.4k, then $28k.

Should the price sink to these levels, expecting further drops to $27k and $26k in the coming weeks would not be unreasonable.

Some analysts have spotted a particular pattern called simply the diamond that Bitcoin has apparently been forming. This could go two ways, as the pattern could be confirmed or failed. It will get confirmed if the BTC price goes above $29,600, in which case the pattern would lead it to anywhere between $30,800 and $31,000.

If it fails, however, the coin will end up below $28,700, which other market analysts also predicted.

Wall Street Memes Offer Safety as BTC Price Grows More Uncertain

While Bitcoin is coming closer and closer to the end of its unusually calm period, many are looking into opportunities that do not involve great volatility. One of the best options is to go for cryptos that are still in their presale, and Wall Street Memes (WSM) has been the primary choice.

The project, inspired by amateur stock traders from a subreddit called WallStreetBets, has raised over $22.2 million during its presale, which is still ongoing. Currently, the token is selling for $0.0331 per WSM, and in a little under 5 days, its price will jump to $0.0334.

Anyone interested in joining the presale can buy WSM in exchange for ETH, BNB, USDT, or via credit card.

Wall Street Memes – Next Big Crypto