DOGE and SHIB Price Analysis for August 23

Bitcoin's current market structure is similar to its setup before reaching its all-time high in November 2021, suggesting a potential bullish trajectory for the leading cryptocurrency, according to crypto expert Credible Crypto, who believes a breakout from the accumulation range could lead to a 120% rally and new all-time highs this year. However, a drop below $24.8k would invalidate this prediction.

The cryptocurrency market has experienced a notable downturn, with the total market capitalization falling by 10% and triggering significant liquidations on futures contracts, attributed to factors such as rising interest rates, inflation, delays in approving a Bitcoin exchange-traded fund (ETF), financial difficulties within the Digital Currency Group (DCG), regulatory tightening, and a strengthening US dollar.

Key social metrics suggest that cryptocurrency markets may soon rebound, as the use of the term "bear market" has reached an 11-week high on social media platforms, which historically indicates that price rises are likely; additionally, deep-pocketed investors are accumulating Bitcoin again, contributing to a recent rally.

The markets are facing numerous headwinds, including an imbalanced U.S. economy, stubborn inflation, a looming recession in Europe and China, a bulging deficit, reduced market liquidity, rising geopolitical risk, and high price earnings ratios, making above-average cash reserves a sensible choice for investors.

Former Goldman Sachs executive Raoul Pal believes that Bitcoin may be on the verge of a massive rally, based on the historical volatility of the cryptocurrency dropping below 20, a level that has preceded significant price increases in the past. Pal also notes that Bitcoin's Bollinger Bands, a volatility indicator, are the tightest they have ever been, further indicating the potential for a strong upward movement. Ethereum is also highlighted as trading within a bullish pattern despite recent market corrections.

Sideways, choppy markets can be detrimental to traders due to factors that make trading or investing difficult, but they can be identified by a flat 50-day moving average, a defined price range, and a decrease in trading volume; to survive these markets, investors should reduce position size, widen risk percentage, and limit their trading.

The US Dollar is expected to trade sideways at the start of the week, with no major drivers or data points to monitor until markets open on Tuesday. The focus for the week will be on Wednesday's release of the Services PMI survey and several central bank speeches leading up to the next Federal Reserve meeting on September 20. Additionally, the article provides information on central banks and their role in monetary policy and interest rates.

Bitcoin and other cryptocurrencies are experiencing a decline in value, leading traders to anticipate significant volatility in the market this week.

Bitcoin's rise may trigger leverage liquidations and price increases for alternative cryptocurrencies like solana's SOL, as traders who were shorting those tokens risk being forced to cover their positions.

Markets have experienced volatile trading, leading to a rollercoaster ride for investors.

Bitcoin and other cryptocurrencies have seen a rise in price as traders anticipate a potential macroeconomic catalyst that could lead to a significant movement in the market.