Price Analysis

Bitcoin Price & Crypto Markets Comeback Likely: Matrixport

Crypto markets are moving sideways mainly due to the lack of volatility in Bitcoin price and rangebound movement noted in the past...
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Bitcoin Price & Crypto Markets Comeback Likely: Matrixport

Highlights

  • Bitcoin price could provide a directional bias soon suggests Matrixport's recent report.
  • Korean Traders play a significant role and could drive crypto markets higher.
  • On-chain metrics show investors are preparing to buy the dips, should BTC price correct and drag crypto markets with it.

The crypto markets are in a muted volatility phase, with Bitcoin (BTC) price hovering sideways. This outlook, while true, might end in roughly a week or two, triggering a comeback for both BTC and altcoins. 

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Why is Bitcoin Price Down?

There are four reasons for the recent descent in Bitcoin price:

  1. Recession fears triggered by uncertain macroeconomic conditions.
  2. Geopolitical tensions due to the war between Palestine and Israel.
  3. The US Government selling BTC.
  4. A drop in Donald Trump’s odds against Kamala Harris in the 2024 presidential elections. 

As of August 19, BTC price slid 1.62% and is currently trading at $58,355. Investors can expect a relief bounce in crypto markets as BTC trades above the previous week’s Value Area Low (pwVAL) of $57,958. Investors can expect the pioneer crypto to tag the previous week’s Point of Control (POC) at $59,384. 

While the start of the week might seem bearish, investors can expect Bitcoin price to climb nearly 2% and form a local top around $59,600. In an optimistic case, BTC might retest the $60,000 psychological level. 

BTC price 1-hour chart

Crypto services firm Matrixport recently posted their thoughts on Bitcoin price and forecast the chance for a comeback in the next few weeks. Their thesis is based on the connection between BTC funding rate and crypto trading volumes in Korea. 

Matrixport added that Korean traders play a significant role in the crypto markets. The firm suggested that the funding rate is likely to crash even more as the Korean trading volumes have dipped below the $1 billion mark for three consecutive days.

Bitcoin Funding Rate vs. Korean Trading Volume

But one key thing Matrixport points out is that the upcoming Korean Blockchain Week that spans the first week of September could play a role in reviving the crypto market slump and trading activity.

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Crypto Market Prepares To Buy The Dip

According to data from Santiment, there was a massive spike in stablecoin deposits on August 5, when Bitcoin price crashed to $48,914. This uptick showcases that investors are preparing to buy the dips. 

Furthermore, the supply of Tether (USDT) on exchanges has spiked from 15.68 billion to 16.72 billion in the past week. The 6.63% increase adds credence that investors are waiting to scoop BTC and other altcoins should the crypto market see a further decline. 

BTC price vs Active Stablecoin Deposits, Tether (USDT) Supply on Exchanges

All in all, investors can expect a bullish Bitcoin price forecast in the coming days, bringing the rest of the altcoins up with it. 

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Frequently Asked Questions

Why is Bitcoin's price currently down?

Bitcoin's price is down due to four main reasons: recession fears, geopolitical tensions, the US Government selling BTC, and a drop in Donald Trump's odds against Kamala Harris in the 2024 presidential elections.

What indicators suggest a potential comeback for Bitcoin and altcoins?

Indicators such as the connection between BTC funding rate and crypto trading volumes in Korea, the upcoming Korean Blockchain Week, and the spike in stablecoin deposits and Tether (USDT) supply on exchanges suggest a potential comeback for Bitcoin and altcoins.

What can crypto markets expect in the coming days?

Investors can expect Bitcoin's price to climb nearly 2% and form a local top around $59,600, with a potential retest of the $60,000 psychological level. Additionally, a strong comeback in Bitcoin's price could bring the rest of the altcoins up with it.
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Akash Girimath

Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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