Can Bitcoin Reach $30,000 By The End Of August? Here’s what the crypto community is saying
Disclaimer: The CoinMarketCap cryptocurrency community price estimates are based solely on the votes of users. Estimates do not guarantee end of month prices.
After a difficult week for the cryptocurrency sector, which saw Bitcoin (BTC) fall below the $21,000 level due to fears of an impending rate hike by the Federal Reserve, the flagship token is back above this mark, prompting investors to wonder if the price may reach the coveted $30,000 by the end of August.
As it happens, the community at CoinMarketCap has made predictions that the BTC token will not only reach the key psychological level, but will actually trade at an average price of $32,493 by August 31, 2022 – using the ‘Price Estimate’ feature which allows users speculate on the future pricing of cryptocurrencies.
With this prediction, community votes estimate that the price of the decentralized finance (DeFi) asset will increase by 51.37% or $11,026 by the end of August from its press time value.
At the time of publication, 20,325 community members had cast their prediction votes, arriving at the estimate above.
As for the predictions for the end of September, the community expects the price to be slightly lower, averaging $32,129 according to the 14,496 user votes cast so far. This would be an improvement of 49.67%, or $10,662 from today’s price.
At the same time, some experts have expressed their views that Bitcoin could indeed rise to $30,000 by September 2022, including a crypto trading expert known as CryptoYuriiwho believe the token’s hesitant price behavior may be part of the Wyckoff setup.
Meanwhile, Bloomberg senior commodity strategist Mike McGlone is bullish on Bitcoin, believing the first cryptocurrency could actually outperform in the second half of the year, being “one of the fastest horses in the race since its inception about a decade ago.”
Bitcoin price analysis
Since the turn of the year, Bitcoin has lost $25,234 or 54.03% of its price, falling from $46,700 to the current $21,466. The price at press time marks a decline of 13.09% over the past seven days, but is up 2.45% on the day.
Furthermore, according to data obtained by Finbold from CoinMarketCap on July 27, the entire market capitalization of Bitcoin – the largest cryptocurrency by this indicator – is currently $409.5 billion.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
