The Biggest Crypto Predictions of August 2024

The crypto market has shown significant volatility over the past month, and as we enter the second month of Q3, major developments are expected.

This can have a significant impact on the market and the value of crypto assets. Some effects are good, some are bad.

Bitcoin price is poised for a new all-time high.

Bitcoin currently sits 13 percent below $73,800, set to hit an all-time high. With strong momentum and positive sentiment surrounding the major cryptocurrency, Bitcoin may soon surpass its previous highs.

Trading at $64,700 at the time of writing, the crypto asset is already at an all-time high, expanding a downward channel. This pattern runs a 21% rally, and while BTC may not rise much, it could be a violation of the ATH.

Read more: Half a story of Bitcoin: Everything you need to know

Investors hope that Bitcoin will continue its upward trajectory, especially as the broader financial landscape continues to improve. Cryptocurrency's resilience and growing institutional interest are key factors contributing to its ability to set new records.

View of political symbols

As the excitement surrounding the US election is waning, especially following the resignation of President Biden, political signals are expected to diminish. The initial impetus that gave rise to these tokens may dissipate, reducing interest and investment in this segment.

In the past month, major Politifi tokens like TRUMP, MAGA, MVP and others have seen a drop of up to 65%.

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As the political landscape changes and election-related enthusiasm fades, the value and importance of these signals may diminish. Investors should be cautious about holding political signals as the market euphoria may not be sustained in the long run.

Altcoin season forecast

August is not expected to usher in altcoin season as the broader market remains weak. Despite occasional rallies, the general sentiment continues to be cautious, which affects the performance of altcoins. Investors should prepare for a down month in terms of altcoin profits.

According to the altcoin season index, the crypto market is currently witnessing a Bitcoin season. If at least 75% of the top 50 tokens, not including stablecoins, outperform BTC, investors should continue to wait for the altcoin season.

Read more: 11 Cryptos to Add to Your Portfolio Ahead of the Altcoin Phase

Therefore, the ongoing bearish trend in the cryptocurrency market indicates that significant altcoin growth is unlikely in the near future. Until market conditions improve, the focus may shift to Bitcoin and other major assets.