Short-term prediction: Bitcoin may hit $118.9K under bullish trend

Recent Bitcoin / Crypto-Market News.

Price surge & macro support

Bitcoin is selling at approximately US$ 115,000, which is its highest in 3 weeks. Better mood is attributed to new U.S. CPI (inflation) data that pretty much matched expectations, benefiting risk assets.

Investor mood / resistance and support areas.

It is consolidating around resistance levels (around $110,000-115,000) where the primary support is being looked at at 108,000.

Others feel that the September low may already be in (around ~$107,000).

Altcoin rotation / greater crypto trends

We have data of capital flowing into altcoins (smaller or mid-cap cryptos) - the volumes and measures of dominance of altcoins are on the increase. 

The Altcoin Season is perceived to gain momentum in September. 

Institutional / corporate activity.

The stock prices of companies who hoarded bitcoin under their crypto treasury plans are dropping, as their optimism wanes.

Bitcoin IPOs and ETFs are contributing to improving confidence.

Potential downside & risks

According to some predictions, Bitcoin can drop to below 100,000 in September, should resistance be met and follow-through on rallies is poor.

There is a so-called historical effect of September (a tendency toward a decrease in Bitcoin in September) discussed: is its effect already reflected in the price? Mixed views.

Price Predictions

A panel of short-term predictions estimates that Bitcoin may be valued at ≈ US$118,900 soon, in bullish scenarios.

Technical indicators are however mixed- some bearish signals are present but support areas are currently holding.