The Bitcoin (BTC) price decreased in August, failing to return above the $30,000 resistance area. The decrease culminated with a low of $25,166 on August 17.
These four crypto traders employed different means to predict that the movement would be bearish in August, achieving considerable Bitcoin profits as a result.
Elliott Wave Count Predicts Top and Ensuing Decrease
Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The trading method accurately predicted that the price had already reached the top and would continue decreasing in August.
At the beginning of August, Elliott Wave specialist @XForceGlobal tweeted that the BTC price had reached a local top and is correcting. He gave an initial target of $26,000 but stated that the decrease could continue until $23,000.
Decode tomorrow’s crypto prices today: Bitcoin (BTC) Price Prediction
The BTC price was trading near $29,000 at the time of the tweet. Afterward, a sharp decrease ensued, leading to a low of $25,166 on August 17. From the time of the tweet (white) to the low, the BTC price fell by 13%.
However, the price has increased sharply since, without falling to the $23,000 level. It is still possible that the BTC price will fall to $23,000. However, there are two different ways that Bitcoin could get there.
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Range Movement Correctly Predicts Drop
The other three crypto traders to give correct predictions for the Bitcoin movement in August all used variations of range movement. @George1Trader used a short-term range, while @Mesawine1 and Crypto_Chase both focused on the movement close to the local top.
There have been two main ranges in August. The first one was between $29,000 and $30,000 (black). The BTC price broke down from it on August 16, falling to those above $25,166 low the next day.
Then, the price traded in a shorter-term range between $25,800 and $26,800 (white). The breakout on August 29 catalyzed the current increase. Now, it is possible that the range high at $26,800 will act as support.
An increase to the previous range support would amount to an upward movement of 6%, while a drop to the current range low will decrease 5%. The decision on the upcoming Bitcoin ETF could have serious implications for the direction of the trend.
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