Bitcoin Cools Off As VC Predicts $100,000 in 4 Months

Dalmas Ngetich•Friday, August 23, 2024•2 min read

Bitcoin, even with gains on August 21, didn’t explode higher yesterday. Instead, there was a cool-off, forcing the coin lower. From this formation, it is evident that there is strong resistance at the $63,000 level. Therefore, unless there is a strong breakout from this zone and the bull flag, the path of least resistance will be southwards for now. The sideways chop, looking at the events of the past few days, also means there is a slowdown in inflows to spot ETFs.

At press time, Bitcoin is mostly steady, adding nearly 4% in the past week. Even though the uptrend remains, at least for now, the failure of a sharp uptick above the local liquidation levels should be a concern. A breakout will likely push engagement even higher, driving trading volume above the $26 billion level of August 22.

Bitcoin Daily Chart for August 23

Presently, the following Bitcoin news events are trending:

At around $0.74, the average Bitcoin transaction fee is at record levels. The lower the transaction fee is, the more inactive the mainnet is, which is a concern for miners. In the coming years, miners will rely more on fees, not block rewards.
Anthony Scaramucci of SkyBridge Capital is bullish on Bitcoin. In a recent interview, he said BTC would still breach $100,000 by the end of the year, citing favorable fundamentals. Top of the list is the approval of spot Bitcoin ETFs.