Bitcoin (BTC) Price Prediction This Week: Accumulation From Institutions and Whales Suggests Strong Comeback

Since the August 5 local bottom, multiple data points suggest accumulation from institutions and whales. Over the past week alone, the crypto market capitalization has shot up from close to $2.0 trillion to $2.2 trillion, indicating a strong comeback from Bitcoin (BTC) and altcoins.

Crypto markets have seen a strong recovery since the local bottom on August 5. Several data points indicate accumulation from institutions and whales. Over the past week alone, the crypto market capitalization has surged from around $2.0 trillion to $2.2 trillion, signaling a robust comeback from Bitcoin (BTC) and altcoins.

From a short-term market structure perspective, Bitcoin price is well-positioned to continue its uptrend. However, a mid-to-long-term outlook reveals a more complicated bias due to upcoming events that could significantly impact crypto markets.

Crypto Market Events This Week

Here are two major crypto market events that could heighten volatility.

The July inflation data is a crucial macroeconomic event that heavily influences investor decisions. While there are possibilities that inflation might come in slightly higher than expectations, investors are not anticipating any drastic changes in the Fed’s decision in September. In such a case, Bitcoin price prediction forecasts the recovery rally could continue.

On the other hand, if inflation comes in lower, sparking concerns about an economic slowdown, then it could prompt a correction in BTC price.

Bitcoin Price Likely To Remain Bullish This Week

Historical data for the past year shows that Mondays, Wednesdays, Saturdays, and Sundays have net positive returns. These are the days investors should consider booking profits. On the contrary, Tuesdays have been the best time to buy dips in Bitcoin and altcoins. For the rest of the week, investors can expect the crypto market to continue its uptrend except for minor dips on Thursday and Friday. Based on this historical data, the crypto market will likely remain bullish this week.

Three Events Could Shape Crypto Market Outlook In Long Run

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