Cryptocurrencies Price Prediction: Bitcoin, LISK & Crypto – European Wrap 1 August
|Bitcoin price holds around $64,000 amid Mt. Gox funds movement
Bitcoin’s (BTC) price stabilizes at around $64,000 on Thursday after falling short of closing above $70,000 at the beginning of the week. On Wednesday, Mt. Gox moved $3.1 billion worth of BTC, Grayscale's Mini BTC ETF received a $1.8 billion inflow, and the Bitcoin Spot ETF experienced slight outflows of $17.70 million. The FOMC's decision to hold US interest rates steady also contributed to the decline in Bitcoin’s price.
LISK is trapped in a triangle
LISK with ticker LSKUSD can be still finishing a larger ABCDE bullish triangle pattern, where final wave E can be searching for the support at the lower side of a triangle range, but keep in mind that bullish confirmation is only above 3,2 region. Of course, there’s also a possibility for a bearish triangle pattern in wave B before we will see another sell-off for wave C, but even in this case we can expect a recovery within subwave (E).
The crypto market pulled back further into the range
Cryptocurrencies continued to sag, failing to support gains in the stock market, returning the crypto market cap to $2.30trn levels seen a week ago. The market formed another lower local peak, a sequence that has been in place since March. A move towards the lower end of the sloping range suggests the potential for another 20% decline. This is a pessimistic, non-mainstream scenario given Bitcoin's historically strong performance in these months post-halving and the good risk appetite in stocks and commodities.
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