Bitcoin dropped to $110K today, after a temporary reversal following Jerome Powell speech last week. This drop was the lowest since Bitcoin hit a new all time high of $124K, but many remain optimistic that Bitcoin will reach $130K in August.
With less than 5 days left until September and it looks like the bitcoin correction is not over yet, I would be surprised if anyone still believes bitcoin will hit $130k this August. but in the long term it will definitely happen because this decline will be necessary for Bitcoin to reach an even higher price.
In TF 1H Bitcoin is in the Downtrend Console area so Bitcoin tends to be bearish,
and the bearish Support is at the price of $107,800 which is a strong enough support for this short period.
It needs to break through the $111k resistance to be able to return to bullish mode,
but if the target is the end of August this may be quite difficult, but anything can happen in crypto in the next second.
