Experts tell how much bitcoin has fallen in price in August

According to CoinGecko, the cryptocurrency bitcoin dropped by 12.2% over the past month. According to Coinglass, in early August, the market leader was trading at $ 29,000, but the month ended with a drop to $ 25,960.

According to cryptocurrency analysts, the market has entered a new phase of consolidation, which may last until mid-September if there is no factor that can bring back turbulence. Over the past 13 years, bitcoin’s monthly yield has closed in the red 9 times at the end of September. According to cryptocurrency analysts, the September drop will be repeated this year.

Material Indicators warns that a «full rollback» of the gains made after Grayscale’s victory over the SEC is a likely course of action for the market leader.

It is worth noting that in August 2023, bitcoin trading volume reached its lowest level in almost five years as investors wait for the right conditions to return to the market. An analysis of spot and derivative exchanges shows that the total amount of BTC held on all crypto exchanges fell in early August this year to the lowest level since 2018.

Cryptocurrency analyst Inmortal is convinced that bitcoin is preparing for one last downward movement before the start of a new bull market. As the expert told his 198,700 subscribers on the X platform, BTC is expected to make a corrective move to $ 20,000.

«The last fall in history,» wrote Inmortal, convincing users that after a large-scale collapse, the market leader will not fall in price anymore. After a significant drop, bitcoin will reach $ 50,000, the analyst said. Inmortal believes that bitcoin is currently repeating the price dynamics of the last months of 2019, when the token broke below its support at around $ 10,000 and fell to $ 6,000.