Special Price Report

August 2024 Price Report                                                                                                                                                                                                                                                                                                                                                                                                                 August 21, 2024 Special Price Report August 2024 Price Report The information provided in this newsletter is for educational and informational purposes only and should not be considered financial advice. The opinions expressed herein are solely those of the author and do not constitute a recommendation or endorsement for any specific investment strategy or action. Cryptocurrency investments carry risks, and you should consult with a qualified financial advisor before making any investment decisions. The author is not responsible for any losses or damages arising from the use of this newsletter. This is a preview of our full report which was sent out to Bitbo Pro members. If you would like to read the report and future reports in full, upgrade to Bitbo Pro. [Start 7-Day Free Trial]( Summary for August 21st, 2024 (current price ~$61.0k): - Short Term: The Bitcoin price has rebounded since the drop to $49K on August 4th. Since August 8th, the price has been consolidating between $56,000 and $62,000. - Long Term: The price is still in a larger consolidation pattern since reaching an all-time high in March 2024. Current consolidation resembles other cycles, despite the all-time high this cycle coming before the halving for the first time ever. All-time highs are likely on the way. Recent Price Recap & Short Term Bitcoin dipped to $49,000, and quickly rebounded to nearly $63,000. The price has since been consolidating between ~$56,000 and ~$62,000. [Short-term holder (STH) realized price]( often acts as support and resistance in Bitcoin bull markets. You can see the breakout that started the bull market in November 2023: STH Realized Price (green) and the Bitcoin price (orange). Bitcoin fell below the STH Realized Price in late June 2024, and has yet to pass it again and stay above: Bitcoin price (orange) falls below the STH realized price (green) in late June. The price crossing back above the STH realized price and holding there would likely indicate a renewal of a bullish trend. Current Price Analysis The US Bitcoin ETF approvals brought much hype and bullish sentiment. The [Bitcoin Fear & Greed Index]( was clearly in the “greed” territory back in March: Fear & Greed quickly dropped from green (greed) to red (fear). That has changed as you can see above we’ve quickly shifted down to “fear”. Currently we are at 26: The Fear is healthy, as it indicates that hype from the ETF approvals is fading away. Generally, Bitcoin Dominance going downwards means over-heated crypto markets. As Bitcoin starts to rise in price, traders and investors want in and try to find other coins to make quick profits with. This causes altcoin prices to rise, which causes Bitcoin dominance to go down: Bitcoin price highs (top) are matched with Bitcoin Dominance crashes (bottom). However, currently we are seeing [Bitcoin Dominance]( rise which is a sign that the market is increasing in a healthy way, and not purely from hype: Two different measures of Bitcoin dominance. On-Chain Analysis On-chain data also shows that Bitcoin is preparing for another leg up. [Realized Price Momentum]( tracks the current [realized price]( compared to a moving average of the realized price. When Realized Price Momentum is red, it generally means the market is bearish and trending down. Green usually means the market is in an uptrend. However, in the image below it’s clear that there are times when Bitcoin’s price shifts quickly between red and green. When this happens, the market does not have a clear direction. This generally points to consolidation, as shown clearly below where the price had unclear momentum before the 2021 bull run: Realized Price Momentum - 2020 and 2021, where there were many switches between red and green before a long period of green with the price increasing. When we zoom in on the current market, we see a similar pattern: Momentum was positive until recently. This concludes the preview of our full report which was sent out to Bitbo Pro members. If you would like to read the rest of this report and future reports in full, upgrade to Bitbo Pro. [Start 7-Day Free Trial]( [tw]( [yt]( Update your email preferences or unsubscribe [here]( © 2024 Bitcoin Minimalist / Wallabit Media LLC 1209 Mountain Road Pl NE Ste R Albuquerque, NM 87101, United States of America [Terms of Service](