Bitcoin is holding steady above 116,000 USD but is forecasted to rise to 125,000 USD or higher in August.
Although August is usually a quiet trading time for Bitcoin, the latest technical analysis from ChatGPT-5 indicates a potential bullish trend due to the ascending triangle pattern at price levels above 115,000 USD.
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Bitcoin is forming a bullish triangle pattern with support levels from 113,000 to 117,000 USD.
ChatGPT-5 predicts Bitcoin could conquer the 125,000 USD level if it surpasses 120,000 USD with large volume.
Many macro factors and institutional cash flow are supporting Bitcoin's upward trend in August.
How does Bitcoin show bullish signs in August?
Bitcoin is trading in the range of 113,000 to 117,000 USD, forming a bullish triangle pattern with a bottom above 115,000 USD, in line with the bullish trend.
The Relative Strength Index (RSI) is approaching the 60–70 range, indicating increased buying pressure with a high potential for breakout if accompanied by large trading volume. The technical structure and momentum indicators currently lean towards a bullish stance in the short term.
According to ChatGPT-5's analysis, if Bitcoin surpasses 120,000 USD with strong buying volume, the price is expected to quickly reach 125,000 USD and may test 130,000 USD before the month ends.
Why does ChatGPT-5 set a target of 125,000 USD for Bitcoin?
ChatGPT-5 bases its bullish forecast for Bitcoin in August on several macroeconomic and market factors.
Notably, loose monetary policy from central banks or sudden interest rate cuts could stimulate cash flow into risk assets. At the same time, cash flows from institutions, especially through ETFs and whale accumulation, will also drive up the rally.
Moreover, legal clarity with positive decisions or regulations supporting cryptocurrencies will strengthen investor confidence and contribute to raising Bitcoin's price.
Which experts confirm the forecast that Bitcoin will rise?
Expert Crypto Jelle agrees with the bullish view as he sees the 120,000 USD area as a major liquidity zone, expected to provide strong upward momentum for Bitcoin.
Bitcoin could explode upon hitting or breaking the 120,000 USD zone, as short positions would have to close, driving a strong buying wave.
Crypto Jelle, cryptocurrency analyst, August 2024
Furthermore, if Bitcoin clearly breaks through this resistance level, the resistance pressure will be eliminated, pushing the price closer to 130,000 USD as the next target.
What if Bitcoin cannot maintain the support level?
August is usually a less favorable time for Bitcoin seasonally, with 8 out of the last 12 years closing in the red, averaging only a 1.68% return.
If the support level of 115,000 USD is broken, the technical pattern may shift to a descending triangle, pulling Bitcoin down to the 110,000 USD range. This scenario implies increased selling pressure and a stronger corrective trend.
Frequently Asked Questions
How much can Bitcoin rise in August 2024?
According to ChatGPT-5's analysis, Bitcoin has the potential to reach 125,000 USD and even challenge the 130,000 USD mark if it breaks above 120,000 USD with large trading volume.
What factors influence the current Bitcoin price trend?
Key factors include macroeconomic monetary policy, institutional cash flow, and legal regulations supporting cryptocurrencies, which create upward momentum for Bitcoin.
How do analysts forecast Bitcoin in August?
Expert Crypto Jelle believes that the 120,000 USD area is a crucial point that helps trigger buying power and pushes Bitcoin's price towards 130,000 USD.
What will happen if Bitcoin fails at the support level of 115,000 USD?
Bitcoin could drop deep into the 110,000 USD range as the technical structure shifts to a descending triangle, reflecting increased selling pressure.
Is August a favorable time to invest in Bitcoin?
History shows that August is often a correction period; however, this year's technical signals lean towards a bullish trend with many supporting factors.
Source: https://tintucbitcoin.com/bitcoin-du-bao-dat-125-000-usd-thang-8/
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