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Bitcoin price august 2022: What happens to Bitcoin this week

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bitcoin price august 2022

How much is Bitcoin price right now? On August 1, Bitcoin was trading at $23.4 thousand and the first cryptocurrency gained 6% last week. Let’s analyze the market situation and tell what dynamics to expect in the short term.

What will be Bitcoin price in August 2022? 

The week from July 25 to July 31 began with a decline in the BTC/USDt pair. Crypto-assets with U.S. stocks fell in price before the U.S. Federal Reserve meeting (July 27). Investors were closing long positions in anticipation of an aggressive rate hike by the Fed.

Bitcoin prices were down to $20.7K on July 26. Many believe that the Bitcoin price bottom has passed. The weekly low was formed on the background of falling U.S. stock indices, as well as a strengthening of the U.S. dollar. The S&P500 index fell 0.85%, while the Nasdaq fell 1.87%.

The stock market came under pressure after Walmart Inc. cut its profit forecast and the IMF warned of a possible sharp slowdown in global growth. The dollar, in turn, rose in price due to the collapse of the single currency amid the energy crisis (gas price rally).

On July 27, a new phase of Bitcoin strengthening began. The growth in quotations resumed after the stock indices after the U.S. Federal Reserve meeting. The BTC/USDt pair recovered by 7.99%, to $22.9 thousand.

At the end of the two-day meeting, the Fed raised the rate by 0.75%, to 2.50%. During the press conference, the head of the Fed said that it is possible to increase the key rate by more than 0.75pc in the future, but the decision will depend on incoming data.

What else could affect crypto Bitcoin prices? 

Risk appetite increased on the statements of J. Powell, who did not recognize the recession in the U.S.. At the same time, fresh statistics confirmed the technical recession with two negative quarterly values. The United States economy contracted by 0,9% on an annualized basis against the forecast of 0,5% and -1,6% for the 1st quarter.

  1. Yellen, J. Powell and the White House deny a recession in the United States. They call the disappointing GDP data a necessary slowdown in the economy before future growth. They have inflation fighting as a priority, so the economy can be sacrificed in a strong labor market.

Yellen said that the U.S. economy is entering a new phase focused on sustained and stable growth. The word “recession” will soon be forbidden to utter in the U.S., and journalists, economists and analysts who use it will be subject to sanctions and fines.

Stock indices and cryptocurrency reacted to the American statistics by falling; then growth resumed with renewed vigor. Investors believed that the Fed will not aggressively raise rates in November with the slowing economy. Bitcoin rate went up to $24.4 thousand.

Bitcoin price August 2022 – what events will affect growth? 

On July 29, stocks continued their rally after the U.S. Central Bank raised the rate to 2.5% in an attempt to curb high inflation. The BTC/USDt pair rose to $24.1k. The growth stalled, though buyers have a path to the $28-30k zone. The upward movement may continue on Sunday. Buyers will be closing the monthly candlestick. Bitcoin was up 22.87% in July and ether was up 61.39%.

The uptrend comes in small impulses of 5-6 hours and corrections of 10-13 hours. When the correction lasts more than 40 hours, buyers get nervous and close long positions in anticipation of a correction.

The big macro data coming out on Monday and Wednesday is the July manufacturing and service sector data. Friday will bring investors’ attention to Non-farm Payrolls data on the labor market in the U.S. Better data will push stocks and cryptocurrencies higher.

In the new week from August 1 to 7, investors will be watching the dynamics of ether. If buyers pass the key resistance of $1.8 thousand, a new wave of altcoin purchases will begin at the crypto market.

Bitcoin price prediction – Growth: a plausible scenario

Bitcoin might easily jump to $26K if the bulls have enough strength to overcome bearish pressure. Yesterday’s speech by Jerome Powell gave hope to market participants that such steep key rate hikes at the next meeting are unlikely, which means that capital will stop flowing away from high-risk assets to low-risk ones, such as bonds.

At the same time, inflation remains at a high level. In such an environment, investors can use high-risk instruments, which include cryptocurrencies. They may invest some capital in Bitcoin.

Bitcoin’s rise this week seems a likely scenario. At the same time, a negative scenario cannot be ruled out, in which all the gains Bitcoin has made in the last 24 hours will be lost due to investors’ fear of rising consumer prices.

Cryptocurrency

The Balance: Bitcoin bearish trend hasn’t stopped Americans from investing more in cryptocurrencies

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Analytical resource The Balance posted a report stating that 39% of U.S. investors have become more invested in cryptocurrencies, despite the bitcoin bearish trend. 

According to the report’s author, these Americans are looking for new investment avenues to preserve their savings amid economic uncertainty.

Meanwhile, 41% of survey participants said they invested more in stocks, and about a third of them invested more in exchange-traded funds and exchange-traded index funds amid market uncertainty. Thirty-four percent of investors reported no change in their investment habits.

Slightly more than a quarter of investors surveyed admitted to investing less in assets. Nearly 20% of those surveyed admitted to investing less in cryptocurrencies this year. The report’s author argues that investing in cryptocurrency in times of uncertainty is more popular among young people.

Nearly half of millennials and Generation Z investors (age 41 and younger) said they prefer cryptocurrency – as opposed to just under a third of Generation X investors and older. The online survey was conducted from June 30 to July 9, 2022, and surveyed 1,200 Americans over the age of 18 who at least partially manage their finances.

However, according to Bank Of America, the number of active cryptocurrency users is down more than 50 percent from its peak last November.

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Cumberland: institutional investors give bitcoin growth predictions as high as $32,000 as early as 2022

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US market maker Cumberland conducted a survey of institutional investors and found that most respondents were making bitcoin growth predictions as early as this year.

It is worth emphasizing that most of those surveyed are convinced that the crypto market will continue its decline in the near future. Analysts stress that the value of the main coin in the world of cryptocurrencies can fall to 16000 dollars. After that, Bitcoin should quickly recover the lost positions. At the end of the year, the value of BTC could reach $32,000. Cumberland experts point out that investors remain bullish. 

“Even with the current bearish trend, these results are not surprising. After all, those surveyed are trading cryptocurrencies, which means they believe in bitcoin. If they didn’t have this attitude toward BTC, they would continue to trade forex,” Cumberland analysts said.

Respondents do not expect any success in the stock market, despite the significant correlation between the stock and markets in recent months. According to institutional investors, the crypto market, at least in the near term, will depend significantly on the U.S. Federal Reserve’s decisions on prime rates and “other Fed moves.”

Cumberland analysts have previously said that the recovery of the market will be determined by the rate at which assets move from insolvent to solvent companies.





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Is dogecoin a good investment? Elon Musk: Dogecoin is much faster than the Bitcoin network

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Is dogecoin a good investment? The CEO of Tesla again spoke out in support of Dogecoin. He stressed that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.

During a conversation with a podcast host, the head of Tesla and SpaceX said that the popularization of DOGE is paying off. The coin is increasingly being used as a full-fledged means of payment. As you know, coins can be used to buy goods and pay for various services of several large companies. The most important advantage is the high speed of transactions. Usually it takes no more than a minute to process a transaction online.

“To be honest, I mostly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all that being said, it’s strange that though DOGE was invented just as a joke, the actual throughput of the Dogecoin network is much higher than Bitcoin blockchain,” said Tesla’s CEO.

Ilon Musk also reminded that Dogecoin’s inflation model allows it to issue 5 billion coins annually, while Bitcoin’s number is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.

Recall that Tesla sold most of its bitcoin holdings amid falling cryptocurrency markets.



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