Bitcoin Price Prediction for August 20: Bullish Trend Continues

Bitcoin (BTC) price has risen 0.38% over the last 24 hours. The hourly chart shows a bullish trend after a resistance breakout, with potential growth to $115,000 if the daily bar closes above $114,157. However, consolidation in the $113,000-$116,000 range is more likely. The midterm point of view shows a false breakout of the $112,660 level, with traders expecting a bounce back to the $116,000 area. Bitcoin is currently trading at $114,189.

Bitcoin (BTC) price has risen 0.38% over the last 24 hours, trading at $114,189. The hourly chart shows a bullish trend after a resistance breakout, with potential growth to $115,000 if the daily bar closes above $114,157. However, consolidation in the $113,000-$116,000 range is more likely. The midterm point of view shows a false breakout of the $112,660 level, with traders expecting a bounce back to the $116,000 area.

The recent volatility in Bitcoin's price can be attributed to several factors. The U.S. Treasury General Account (TGA) refill is quietly draining $400 billion of liquidity, creating one of the largest liquidity squeezes in recent memory [1]. This liquidity drain is shaking both crypto and equity markets, with Bitcoin dropping more than 8% to near $113,500. Ethereum, XRP, and Solana also followed suit, along with a decline in stock markets, proving how tightly risk assets move with liquidity shifts [1].

Additionally, traders are closely watching Jerome Powell's upcoming Jackson Hole speech. While the liquidity drain is the main story, Powell's remarks could still spark further corrections if he maintains a hawkish tone. However, sentiment hasn't flipped entirely bearish, with some analysts attributing the current market conditions to the Treasury's liquidity drain rather than Powell's speech [1].

Despite the recent volatility, Bitcoin still holds strong long-term bullish momentum. Analysts predict a 21% chance of Bitcoin hitting $100,000 by September and a 60% shot at holding above $4,000 for Ethereum [1]. The Bitcoin price correction is also seen as an opportunity for savvy investors to capitalize on low prices, with Bitcoin infrastructure projects like Bitcoin Hyper (HYPER) gaining traction [2].

Bitcoin Hyper (HYPER) is a layer-2 project that aims to revolutionize the BTC ecosystem by merging the scalability and security of Bitcoin with the high speed and low fees of Solana. The project has successfully raised $10 million in its presale, with early adopters acquiring the token at the current price of $0.012745 [2].

In conclusion, Bitcoin's price is currently influenced by both the Treasury's liquidity drain and market sentiment. While short-term fluctuations are inevitable, Bitcoin's long-term bullish momentum remains intact. As the liquidity squeeze continues, investors should monitor the market closely for potential opportunities.

References:
[1] https://coinpedia.org/news/bitcoin-price-today-drops-below-114k-as-treasury-drains-400b-liquidity/
[2] https://icobench.com/news/bitcoin-price-prediction-btc-at-115k-crucial-support-traders-capitalize-on-low-prices-with-hyper/