Bitcoin down 11% in August, heading for another fall in September
Bitcoin (BTC) is down approximately 11% in August, nearing the 13.88% decline seen in the same month last year, according to data from CoinGlass. And things don't look much better for September, as historical data shows that Bitcoin has consistently declined during this month since 2017.
Bloomberg expert warns of potential steep drop to $10,000
Bloomberg Intelligence senior macro strategist Mike McGlone has a very bearish outlook on Bitcoin. In an interview with Kitco News, McGlone cautioned that if there is a "global economic reset," Bitcoin could plummet to as low as $10,000.
Analysts urge caution and wait for breakout before making bets
While analysts have been giving both bullish and bearish targets, it is advised to wait for the price to break out of its current range before making any significant bets. Following a period of low volatility, volatility typically increases, making it difficult to accurately predict the direction of the breakout.
Assessing if Bitcoin is ready for a breakout
Do Bitcoin and the major altcoins show signs of a potential breakout? Let's analyze the charts to find out.
Chart analysis: S&P 500 Index
The S&P 500 Index (SPX) recently retreated from its moving averages on Aug. 24, but the bears were unable to maintain the lower levels.
After the recovery on Aug. (to be continued)
