News View Non-AMP

Bitcoin To Hit $10000 in August, Predicts Bitcoin Analyst

Published by
Elena R

Bitcoin To Hit $10000 in August

Bitcoin nowadays has maintained a very narrow trending range of $9100 to $9400. Moreover, it had crossed $10000 in June 2020 but later slipped back below within no time. From then on, Bitcoin is making every effort to regain the same position.

According to an exchange, InstaSwap, Bitcoin price is all set to soar high and cross $10000 this august 2020. In a tweet, it mentioned that analysts say all the indicators from the past three weeks have pointed at the possible breakout for BTC in the coming days.

Is the Rise in Hash Rate the Indicator?

As Coinpedia reported earlier, Bitcoin hashrate has reached the all-time high of 124TH/s after witnessing a decline post halving event. 

A rise in hash rate indicated that many people are mining bitcoin and hence the price is also expected to shoot up very soon. Therefore, the hash rate could be one of the main aspects analysts consider to come up with predictions.

Bull Market for the Digital Asset

Known on-chain analyst Willy Woo also predicted an exponential bullish trend for BTC. Releasing a new price model for Bitcoin, Willy Woo said that the coming month that’s August 2020 will witness an official bull market for the digital asset.  

According to Willy Woo, Bitcoin was all set for an uptrend run but the COVID-19 had put a break in between. But now, Bitcoin is prepared for yet another bullish run in the very near future, probably next month.

Timothy Peterson, CFA & CAIA, one of the leading experts on cryptocurrency investment and valuation at Cane Island Alternative Advisor also predicted good days coming for Bitcoin in August 2020.

In his tweet, he says that, if the current lowest price forward trend holds, then next month Bitcoin prices are set to cross the $10000 mark and would never fall below again.

Gathering Every Note Collectively, we can say that Bitcoin’s price was always a trending topic of all times. Almost every person, regardless of whether a crypto follower or not, always tends to know the future of cryptocurrency especially Bitcoin.

That being said, analysts are bullish at Bitcoin’s value in the very near future. 

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

FTX News: Lawsuits Filed to Recover Assets and Boost FTX Repayment

Even after FTX collapse, the exchange isn't stepping out of the spotlight. In the latest…

April 29, 2025

Tornado Cash vs OFAC Update: Court Prohibits Department of Treasury from Reinstating the Original Sanctions

The Tornado Cash victory against OFAC is a major milestone for the web3 and DeFi…

April 29, 2025

Breaking: Arizona Passes Strategic Bitcoin Reserve Bill in the House and Senate

The push for the Arizona Governor, Katie Hobbs, to sign the SBR has already begun. …

April 29, 2025

Cardano Price Forecast: Here is What Historical Data Reveals

Several technical indicators suggest the YTD correction for ADA price has already hit the bottom.…

April 29, 2025

XRP Price Prediction 2025: XRP Price Testing Key Range, Breakout Could Reach New ATH at $10

XRP price is referred to as a sleeping giant, as the crypto has demonstrated some…

April 29, 2025

Chainlink Price Analysis: $10 or $19 Next for LINK?

Chainlink price failed to breach a crucial resistance level above $15 in the recent mild…

April 28, 2025