Bitcoin Price Prediction: Analyst Suggests Another Gem, BTC Expected to Surge 25%

Experts believe that Bitcoin may soon see a wave of gains, but for now the currency remains unnaturally stable. Experts have proposed several explanations for this. One of them comes from CryptoQuant, which believes that institutional investors may have completed their accumulation of Bitcoin at this time, which may explain why there is very little market activity.
Some experts have raised the possibility that major institutional investors have already completed their Bitcoin accumulation.
“…if ‘token transfers’ and ‘velocity’ increase in tandem with price increases, this is likely a precursor to a bullish rally.”
According to CryptoQuant, if “token transfers” and “velocity” increase simultaneously with price increases, this is likely a precursor to a bullish rally.
Typically, Bitcoin’s price would fall or rise sharply due to large over-the-counter trades, but in the absence of these transactions, the long and short sides of the retail market are evenly matched.
Looking back at last week's performance, Bitcoin saw a small rise on Tuesday and Wednesday last week, rising back to $30,000, but only temporarily, returning to the $29,000 range late Wednesday. Since then, the price has traded smoothly on Monday (August 14), falling slightly to $29,143, and then rising back to $29,400. At the time of writing, the price of Bitcoin is $29,386.
Currently, the $29,400 resistance prevents the price from rising further, while Bitcoin remains down at the $29,200 support level.
What are the analysts saying?
Analysts gave their insights on what’s next, predicting a major uptick in Bitcoin soon. One analyst noted that the downtrend line from July 13 had been reclaimed shortly after the breakout, while the long-term uptrend line from January 2023 is still supporting the price.
Another analyst noted that Bitcoin is trending bullishly and expects the price to reach $30,500 in the short term. The analyst noted that there is a secret parallel channel that most traders seem to be ignoring. The analyst added that it is possible for Bitcoin to reach the $32,000 level before the end of this month. However, due to the lack of volatility, it may take longer for Bitcoin. They warned to be careful in September as this month is historically the worst for Bitcoin. Bitcoin usually sees a drop during this period before seeing a big recovery in October and November, both of which have been very bullish months in Bitcoin's history.
Pro-Bitcoin Javier Millay Receives Most Votes in Argentina Primary Election
In recent months, pro-Bitcoin politicians have emerged around the world. In the United States, Robert F. Kennedy became a prominent presidential candidate due to his support for Bitcoin. Meanwhile, in Argentina, another pro-Bitcoin candidate, Javier Millais, recently received the most votes in the primary elections.
Many believe Argentina could usher in a new era for politics and finance by supporting pro-Bitcoin candidates. Milley even called for abolishing the country’s central bank.
In the election results, more than 90% of votes have been counted, and Milley is leading with nearly 32% of votes.
Shibie completes pre-sale
Shibie, a new memecoin that combines the crypto memecoin canine, the Shiba Inu, with the Barbie doll, has just completed its presale, reaching its soft cap of $500,000 in a matter of days. The token, which calls itself the “sex bomb of the crypto world,” has attracted huge attention among crypto opportunity seekers following the success of the Barbie movie.
The token was sold at a price of $0.000167, and 60% of its supply were sold during the presale. The presale ended on August 13. The developer said that "Shibe took a day off to take a hot spring bath," and after the excitement of the presale being sold out, users should stay tuned for details on the release.
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