Thus, these developments could have a significant impact on the market as well as the value of crypto assets. Some impacts will be beneficial, others may be less positive.
Bitcoin is about to break a new record
Bitcoin price is on the verge of setting a new record, currently less than 13% from the $73,800 mark. With the robust momentum and favorable perception currently surrounding this flagship cryptocurrency, it is possible that BTC will soon surpass its previous high.
Currently at $64,700, the digital asset is already moving in an expanding bullish channel pattern. The latter suggests a 21% increase, and while BTC may not rise too high, it is likely to surpass its previous record high.
More information: Bitcoin price predictions for 2024/2025/2030
Investors hope that Bitcoin will continue its growth, especially in the changing global financial context. The robustness of this cryptocurrency and the growing interest from institutions are key elements that could allow it to reach new heights.
The Unsettled Future of Political Cryptocurrencies
Many expect the political chips to fall once the excitement of the US election dies down, especially after President Biden’s impeachment. Therefore, the initial appeal that boosted these tokens is likely to wear off, leading to a decline in interest and investment in this specific sector.
Over the past month, major political tokens such as TRUMP, MAGA, MVP and others have already seen their values drop by up to 65%.
More information: The best meme coins on the Solana blockchain
As the political landscape changes and electoral enthusiasm fades, the relevance and value of these tokens could erode. Therefore, investors should remain cautious about holding “political cryptocurrencies” as the market’s enthusiasm for them may not last.
Forecast for altcoin period
The month of August does not look promising for the altcoin season, while the overall market climate remains pessimistic. Despite the sporadic spikes, the general atmosphere calls for caution, impacting the performance of altcoins. Therefore, investors should expect a moderate month in terms of altcoin gains.
According to the Altcoin Season Index, “Bitcoin Season” is currently dominating the cryptocurrency market. If 75% of the top 50 tokens, excluding stablecoins, do not outperform BTC, investors will have to wait for the altcoin season.
Therefore, the ongoing bearish trend in the crypto market suggests that a significant recovery of altcoins is unlikely in the near future. Until market conditions improve, attention could therefore turn to BTC and other major assets.
Moral of the story: Let’s get our cryptobacks ready in August.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.