Experts believe that Bitcoin might soon see a surge, but for the moment, the coin is still maintaining its unnatural stability. There have been some suggestions among experts as to why this is. One example comes from CryptoQuant, which suggested that institutional Bitcoin accumulation is likely to be complete at this point, which may explain why there is very little market activity.

The possibility that major institutional investors have completed their $BTC accumulation

“..if ‘Token Transferred’ and ‘Velocity speed’ increase along with the price increase, this is likely a precursor to an upward rally.”
by @MAC_D46035

Link👇https://t.co/WhJdqWljMk

— CryptoQuant.com (@cryptoquant_com) August 14, 2023

Typically, Bitcoin sees big price drops and surges due to large OTC transactions, but without them, bulls and bears from the retail sector have been evenly matched.

Looking back at the token’s performance last week, Bitcoin did see a bit of a surge last Tuesday and Wednesday, going back to $30k, but only briefly, before returning to the mid-29k range by late Wednesday. After that, the price traded sideways until Monday, August 14, when it slightly dipped to $29.143 before returning to $29,400. At the time of writing, the coin sits at $29,386.

Currently, resistance at $29.4k is preventing the price from going further up, while Bitcoin has a support level at $29.2k, holding it from dropping further down.

What do analysts say?

Analysts have given their insights into what is coming next, expecting the coin to see a surge shortly. One of them suggested that the downward trend line, which started on July 13, has already been received soon after breaking through, and the long-term upward trend line, which began in January 2023, continues to support the price.

Another analyst noted that Bitcoin is bullish and expects the price to hit $30.5k in the short term. The analyst noted that there is a secret parallel channel that most traders are seemingly ignoring. The analyst added that BTC could hit $32k potentially before the month ends. However, it is also possible that the coin might take a bit longer than that, given the lack of volatility.

They did warn that users should be careful in September, as this is historically the month when the coin’s performance was at its worst. Bitcoin typically tends to see drops during this period, only to see substantial recoveries in October and November, which were quite bullish throughout the coin’s history.

Pro-Bitcoin Javier Milei wins most votes in Argentina primary election

Pro-Bitcoin politicians have been emerging around the world in recent months. In the US, Robert F. Kennedy Jr. has been one of the famous presidential candidates due to his pro-Bitcoin stance. Meanwhile, in Argentina, another pro-BTC candidate. Javier Milei recently won the most votes in the primary election.

Libertarian and pro-#bitcoin candidate, Javier Milei, has taken a commanding lead in the Argentinian primary elections. pic.twitter.com/65XQeIVJth

— Peter McCormack🏴‍☠️ (@PeterMcCormack) August 14, 2023

Many have suggested that Argentina might pave the way for a new era in politics and finance by supporting a pro-Bitcoin candidate. Milei has even called for abolishing the country’s central bank.

In the election results, with over 90% of the votes counted, Milei took the lead with nearly 32%.

Shibie completes presale

Shibie, a new meme coin combining Shiba Inu, the figurehead of the crypto meme coin sector, and Barbie, just completed its presale, hitting a soft cap of $500k within a few days. The token, which sees itself as “The bombshell bitch of the crypto world,” emerged following the success of the Barbie movie, attracting massive attention among opportunity seekers in the crypto industry.

🎉 The Shibie presale is officially SOLD OUT! Thank you to everyone who participated. Stay tuned for launch details, exciting things are on the way! 🚀 #shibie #crypto #launch 🐾💋 pic.twitter.com/HA59dPWgSn

— Shibie Coin | Launch Soon (@ShibieCoin) August 13, 2023

The tokens were sold for $0.000167 and sold 60% of their supply during the presale. The end of the presale was announced yesterday, August 13. Developers said that “Shibe took the Spa for the day” after the excitement of the presale sold out and that users should stay tuned for launch details.

🛁 After yesterday’s excitement of the presale selling out, $shibie took to the Spa for the day! She had so much fun and is now fully re-energized, ready for an exciting week. #launchsoon #StayTuned 🎉💋🐾 pic.twitter.com/2qpMYXiXrE

— Shibie Coin | Launch Soon (@ShibieCoin) August 14, 2023

Related

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-anticipated-to-surge-25-analysts-recommend-another-gem