Bitcoin prices are drawing attention as August 2024 approaches. Ethereum, too, is under scrutiny as investors eye potential market movements.
This analysis examines expert forecasts and key factors influencing these leading cryptocurrencies in the coming month.
Also Read: Tesla’s Bitcoin Strategy: Genius or Gamble?
BTC and ETH Price Prediction Analysis for August 2024
Bitcoin (BTC)
Expert Forecasts
Several cryptocurrency analysis platforms have shared their Bitcoin projections for August 2024:
- CoinCodex: High of $88,853.78 and low of $75,739.
- CryptoNews: Expects Bitcoin to reach around $82,296.39.
- Changelly: Predicts a range between $75,739 and $88,853.78.
Market Influencers
August may see Bitcoin’s trajectory influenced by various factors. JPMorgan’s predicted crypto market rebound could boost investor confidence.
Conversely, Mt. Gox fund movements might apply downward pressure.
Political developments, including potential Bitcoin-related announcements by Kamala Harris in Nashville, could also impact market sentiment.
An Insidebitcoins editor had this to say on the topic:
“The chances of a bounce come as the Relative Strength Index (RSI) still holds above the mean level of 50. This, coupled with the bullish outlook in the Moving Average Convergence Divergence (MACD), increases the odds of a recovery.”
Also Read: JPMorgan Says Bitcoin & Crypto Market Will Rebound in August
Ethereum (ETH)
Analyst Predictions
For Ethereum in August 2024, experts predict:
- CoinCodex: High of $3,632.95
- CryptoNews: Between $3,514.48 and $3,792.69
- Changelly: Minimum $3,514.48, maximum $3,792.69
Market Dynamics Affecting Ethereum
In July 2024, new Ethereum ETFs were launched, drawing a lot of attention and investment.
These ETFs collected $10.2 billion in assets and had net inflows of $107 million.
Despite this positive momentum, Ethereum is currently facing resistance at the $3,530 mark, which is a critical level for its price movement.
The FXStreet team had this to say on the topic:
“Ethereum’s price is down 1.8% on Wednesday despite an impressive ETH ETFs’ first-day launch that saw them attract $10.2 billion in assets and net inflows of $107 million.”
Also Read: Spot Ethereum ETF Trading Volume Surpasses $1B, Still Undervalued?
As August 2024 nears, Bitcoin and Ethereum may experience price fluctuations. Bitcoin’s projected range spans $75,739 to $88,853.78, while Ethereum could move between $3,514.48 and $3,792.69.
ETF performance, political developments, and market trends are expected to shape cryptocurrency values in the upcoming month significantly.