Anticipated Bitcoin (BTC) Value Trend for August 20th
Bitcoin Price Prediction for August 20: Consolidation and Potential Bounce Back
In today's analysis, we take a look at the current state of Bitcoin (BTC) and its potential price movements for August 20, as per the prediction by Denys Serhiichuk.
At press time, Bitcoin is trading at $114,189. The immediate expectation is a bounce back to the $116,000 area if the candle closes far from the $112,660 mark. However, the more likely scenario is consolidation in the range of $113,000 to $116,000.
The longer time frame shows a rising price trend for Bitcoin after yesterday's bearish bar's closure. If the daily bar closes above $114,157, there is potential for BTC's growth to continue towards $115,000 tomorrow.
On the hourly chart, the rate of BTC is showing a bullish trend after a resistance breakout. However, even if the candle closes bullish, there might not be enough energy for a further upward move.
A false breakout of the $112,660 level by the rate of Bitcoin has occurred. Several traders and analysts on TradingView and Ainvest have discussed this false breakout, noting that it led to a local bearish rally followed by attempts to retest higher levels. Institutional investors are supporting a potential bullish reversal, depending on whether the price holds above the $112,000-$112,500 zone.
The market, as per CoinStats, is neither bearish nor bullish in the middle of the week.
In conclusion, while there is potential for BTC to bounce back or consolidate, a significant move towards $115,000 might not occur if the candle closes close to the $112,660 level. It is essential to keep a close eye on the price action and the market sentiment for any potential changes in the Bitcoin price trend.
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