Bitcoin Price Drops to $112,300 as August Weakness Resurfaces
Bitcoin's price dropped from approximately $118,000 on Friday to around $112,300 by Sunday, reflecting a typical weak start to August. Historically, Bitcoin has posted losses in August eight out of the last twelve years, with an average loss of 11.4%. If this trend continues, Bitcoin could decline to $105,000, which some traders view as a buying opportunity.
Robert Kiyosaki highlighted the "Bitcoin August Curse," stating that he is prepared to double his position if prices fall further. He remains focused on long-term fundamentals despite short-term market pullbacks and expresses more concern about rising national debt and economic policies.
Arthur Hayes, co-founder of BitMEX, suggested that Bitcoin might drop to $100,000 due to disappointing U.S. economic data, specifically citing the recent Non-Farm Payrolls report showing only 73,000 new jobs created.
Despite bearish sentiment for August and September, long-term optimism persists, with Kiyosaki previously predicting Bitcoin could reach $1 million by 2030. Currently, Bitcoin is trading at around $114,300, down about 4% over the past week, having lost approximately $170 billion in market cap since its all-time high of $123,000 on July 14.
The Crypto Fear & Greed Index has recently returned to “Greed” territory after dipping to “Neutral.”
Bitcoin Hyper ($HYPER) has raised $6.8 million in its presale, aiming to enhance Bitcoin's scalability through a Layer 2 solution that utilizes the Solana Virtual Machine for faster transactions and smart contracts.
- Current Presale Price: $0.012525
- Staking Yield: 156% APY
- Funds Raised: $6.8 million