Bitcoin (BTC) Price Prediction And Analysis In August 2020

In today’s article, we will be reviewing BTC’s past prices and market predictions so that we can develop a Bitcoin price prediction for August 2020.

Bitcoin Overview

Bitcoin is the number one crypto according to a market cap of $167,951,637,379 and a trading price of $9,110.46. There are currently 18,435,037 BTC in circulation out of a total of 21.000.000 BTC. $14,861,431,650 worth of Bitcoin has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

In the second week of June, Bitcoin traded at $9,300 -$9,400, with the price maintaining itself around that level before dipping on June 20 below the $9,300 support. But in the next two days, Bitcoin started a brief rally to $9.655,07. While the price maintained itself around the $9,600 level for a few days, on June 24, the price plummeted to $9,290. Then, the price went below the $9,000 support level for a few times in the next few days, reaching $8.998,22 and $8,970.

Bitcoin started July at a price of $9.145,99 and quickly hit an intraday high of $9.300. The coin traded mostly between $9,100 and $9,300, reaching a monthly high of $9.450,34.

For most of the past week, Bitcoin’s (BTC) volatility rate has dropped to a three-year low, but the BTC/USD has shown to be moving within a short-term bearish trend, signaling that a volatile period will follow suit.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

• Resistance Level (R3): 9355.017
• Resistance Level (R2): 9315.173
• Resistance Level (R1): 9253.577
• Pivot Point: 9213.733
• Support Level (S1): 9152.137
• Support Level (S2): 9112.293
• Support Level (S3): 9050.697

Developments

Tel Aviv-based Bitcoin and crypto company ZenGo revealed that Bitcoin transactions across three major BTC wallets have a vulnerability for a sort of double-spending attack. The researchers have also said that according to their tests, 9 other wallets might be compromised.

The Bitcoin wallets, Ledger Live, Edge, and BRD, have updated their firmware to prevent such possible attacks.

The vulnerability is called BigSpender and enables wallet holders to believe that a payment has been received while it was actually replaced by the sender. This could prevent the wallet owner from having access to his funds.

“The core issue at the heart of the BigSpender vulnerability is that vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually,” posted Oded Leiba, ZenGo’s senior software engineer, about the weakness.

“This negligence has many faces. First and foremost, a user’s balance is increased on an incoming transaction while unconfirmed and is not decreased if the transaction is double-spent and thus effectively canceled.”

Ledger and BRD have put into question the language applied by the researchers at ZenGo.

“There is no actual double spend being performed,” the Ledger security team stated. “The user funds stay safe. Nevertheless, the display of received transactions could be misleading.”

“Potentially several millions of users were exposed before the fix based on the user base of Ledger and BRD public numbers,” ZenGo’s chief executive Ouriel Ohayon said.

While the Bitcoin wallet developers contest the risk of the possible vulnerability, Ohayon maintains his claim that the threat could lead to greater damage.

“It does not mean that there are no other issues or that other wallets are not exposed to the BigSpender attack,” said Ohayon.

Bitcoin Price Prediction: Market Opinion for August 2020

As several crypto forecasting sites launched their own Bitcoin price prediction for August 2020, we have incorporated some of these predictions below so that we can showcase a more inclusive market sentiment about the future price performance of BTC.

Longforecast

Longforecast projected that BTC will start trading at $9244 when August begins. They also predicted that the maximum price of the coin for this month would reach $10039, while the minimum price will be around $8109. The monthly average was calculated at a price of $9172. The closing price was estimated to reach $9295, change for August 0.6%.

Digitalcoinprice

Digitalcoinprice‘s Bitcoin price prediction puts the coin at a price of $20,940.03 in August, which marks an increase of 129.61%.

Tradingbeasts

Tradingbeasts forecasted that Bitcoin would begin August at a price of $8,292.395. The maximum price for the month expects the coin to reach $10,364.757, while the minimum price was set at $7,048.035. Bitcoin is likely to close August at a price of $8,291.806, with a change of -8.80%.

Coinpredictor

Coinpredictor projected that Bitcoin will drop with -22.6% in August, meaning that the coin will be trading at $7,137.53.

Gov.capital

Gov.capital posted that Bitcoin’s trading price for August 1st will be $9891.638, with a maximum price of $11375.3837 and a minimum price of $8407.8923. Below are the rest of the predictions for all the days in August.

Cryptorating

Cryptorating’s Bitcoin price prediction for August estimated that the coin will decrease with -2.78%, which would set BTC at $8 869.51.

Cryptoground

Cryptoground forecasted that BTC will reach, in August, a price of $9,736.8819, marking a change of 6.76%.

30rates

30rates made predictions for the first 19 days of August, along with the minimum and maximum values of each particular day.

Bitcoin Price Prediction: Verdict

With this, we have reached the end of our Bitcoin price prediction for August 2020. From the data and predictions, we have analyzed, Bitcoin will soon enter a volatile phase that will be predominantly bearish.

Featured image: news.leportale.com