Here’s Why Bitcoin Price Could Rewrite History in August

BTCUSDT price is currently hovering at $118,938, within a consolidation range between $117,261 and $120,000. While this range has held steady, the possibility of breaking through $120,000 is high if investor sentiment remains strong.

The current sell-side risk ratio for BTCUSDT is at 0.24, well below the neutral threshold of 0.4 and closer to the low-value realization threshold of 0.1. This suggests that the market is experiencing consolidation, with investor behavior indicating a pause in large sell-offs.

Historically, August has been a bearish month for BTCUSDT, with the median monthly return sitting at -8.3%. However, given the current accumulation trend and the low sell-side risk, Bitcoin may defy its historical trend this year. If Bitcoin can secure $120,000 as support, it would likely push past $122,000 and move toward the ATH.

However, there remains a risk that the market could turn bearish if investors shift their stance due to unforeseen market factors. In this case, BTCUSDT could lose support at $117,261 and slide to $115,000, reversing the bullish thesis.