The outlook for Bitcoin in August is much more positive – at least that's what the experts think. It has, over the last few weeks, made a huge recovery – that has seen its price rise from $55,000 to $65,00 -in just a few short days. It's not just experts, all the AI and machine learning algorithms are also pointing to a positive month as we head into Autumn.
Here's the lowdown for the month ahead and what we can expect.
Bitcoin is still the most popular token
Experts and investors within crypto still recognize that Bitcoin is the best-known and most trusted of all the tokens. Even with the current levels of volatility over the last few months, those in the know are continuing to feel bullish about the long-term prospects of the currency and how the Bitcoin price overview looks on Binance, Yahoo Finance and Forbes for example, as we head into the final quarter of 2024. Indeed, there's hope that as we head into 2025 the magical milestone of $100,000 will be reached, though quite when that happens is up for debate.
Surprising factors have affected Bitcoin in August 2024
One of the most surprising factors affecting the price of Bitcoin in August has been the attack on former US President and now Republican nominee Donald Trump. It's thought that his previous endorsement of cryptocurrency – including Bitcoin, and his positivity towards the trading and investing of these digital assets has led to the prices recovering much quicker than they would have otherwise.
As it stands, prices are hovering at around $60,000 and it's possible they may well reach near to $65,000 by the end of the month.
Will Bitcoin prices rise further in August?
Possibly. In some parts, it's down to the governments in Europe. Over in Germany, there have been huge leaps forward made to making cryptocurrency more acceptable – and this has contributed to the rise, and prices may well still get to $70,000. There was a brief rally after the release and launch of the ETH ETF. Once Bitcoin wallets became active, there was another spike in prices, and data suggests that since the launch, there have been more tokens transferred between wallets.
The levels we see currently haven't been seen since the first half of 2005, and this means that there's speculation that levels will stay in roughly the same place during the latter half of 2024. With token transfers and more Bitcoin in circulation, there's a suspicion that there will be more market activity.
What happens next for Bitcoin in Autumn 2024?
We know Bitcoin is trading at around $60,000 – so the question is what might happen during the rest of 2024? Nasdaq experts have reported on the upswing, alongside their counterparts at Binance – and have looked at how the currency might progress during the latter stages of the year. So far, it looks like Bitcoin is in a bullish range as it's trading very close to its ATH. Experts think that this rise and accumulation might carry on for some time yet. There's also been a drop in selling pressure, which might mean bulls can become dominant again.
A rise could potentially mean levels get to $70,000 though this is only an outside chance. However, if levels do reach this high spot, it makes it easier to believe that next year the magic $100,000 will be reached – and within the next bullish action.
Bitcoin prices over the next couple of years
Can we look at current levels and predict what might happen to Bitcoin over the next few years? Here are a few ideas – though, of course, it's always best to keep an eye on the markets and listen to experts.
By next year, it's hoped that more Bitcoin-related services will develop – and this will create an upswing in worldwide adoption – experts are hoping this will lead to more bullish action. Average prices could hit as high as $140,000 – though that's not a given.
If we move into 2026 with prices relatively stable there's potential for them to hit anywhere up to $155,000 as an upper limit and an average price of $115,000. Moving into 2027, prices could range anywhere from $152,000 to $170,000, meaning we're still in bullish territory with experts and investors positive about the progression of the markets. Everything is subject to change and, of course, events in the financial markets.
In summary, the Bitcoin price for August is likely to remain around the $66-68,000 mark, possibly higher. There's every chance the bull run could gain some positive traction. There may also be an interest rate cut on the US market which could make things interesting and ultimately may enhance the price upswing. The year may well end on a high for crypto investors.
It's clear the rise to $100,000 isn't going to happen in 2024, but it's hoped this figure could be achieved in 2025. Investors and experts are watching the markets carefully to see what happens next and it's all to play for!
