Crypto Market Forecast In August 2023, Potential To Rise Or Drop?

Crypto trend in August (photo: Unsplash)

JAKARTA - After going through the first half of strong 2023, Bitcoin (BTC) and other major crypto assets started the second half of the year with sluggish performance.

During 2020 - 2023, Bitcoin experienced a bullish trend in July. But unfortunately, according to the Bitcoin Monthly returns index, the Bitcoin price movement in July ended in a minus, as it could not maintain prices above 30,400 US dollars until July 31, 2023.

According to Tokocrypto Trader, Fyqieh Fachrur, July is the first month in the 3rd quarter to have a lot of hope, as its movement can be a determinant for Bitcoin's position over the next three months.

"When compared to Bitcoin's performance in the first quarter with an increase of 71.77% and the second quarter with an increase of 7.19%, the prediction for the third quarter is that Bitcoin will indeed experience a weakening price," Fyqieh said in a statement.

However, Fyqieh insists that no one can know for sure whether this quarter will close with a minus or plus price percentage.

According to him, the projected August 2023 is that the movement of Bitcoin and other major crypto assets still tend to be flat or sideways throughout August 2023.

"The movement of the price of Bitcoin is still at US$30,000 in the last two weeks, there is no strong sentiment to push the BTC rate into the green zone," he explained.

However, Fyqieh underlined that the US Federal Reserve's stance on rising interest rates would actually move Bitcoin and the overall crypto market.

"We are almost finished with a cycle of interest rate hikes, so that current macroeconomic barriers will begin to fade soon. Simultaneously, we are about eight months away from the next Bitcoin-halving event, which has historically always pushed prices up dramatically," he concluded.