Amid the dynamic and ever-changing landscape of the cryptocurrency market, BitcoinThe recent performance of has come under scrutiny.
Currently trading at 29,890, the world’s leading digital currency has seen a slight decline of almost 0.25% on Sunday.
What has drawn a lot of attention, however, is the noticeable drop in its trading volume, which has now fallen to $5 billion in 24 hours.
In this Bitcoin price prediction, we will explore the factors that contribute to this decline in trading volume and its potential implications for future Bitcoin price predictions.
Also, the UK court accepts Craig Wright’s appeal in the Bitcoin rights dispute and the anticipation surrounding the halving event add even more complexity to the current state of the Bitcoin market.
UK court accepts Craig Wright’s appeal in Bitcoin rights dispute
On July 20, a British court made a major decision upholding an appeal allowing Craig Wright to continue his claim that the Bitcoin file format is eligible for copyright protection.
craig wright he has been claiming since 2016 that he is the creator of Bitcoin. In his complaint, he alleges copyright infringement on the Bitcoin white paper, its file format, and database rights related to the Bitcoin blockchain.
Defendants in the lawsuit include 13 Bitcoin Core developers and various companies, including Blockstream, Coinbase, and Block.
The decision to allow Wright’s arguments to be heard in court has raised concerns, not only within the crypto community but also around the world.
He Bitcoin Law Defense Foundation (BLDF) expressed concern about the situation, stating that it could set a dangerous precedent for open source software development.
According to the BLDF, allowing developers to be sued for modifying the file format of open source software based on someone else’s claim of authorship poses a significant threat to the principles of collaborative development and innovation in the technology industry.
However, the potential for such legal disputes has created uncertainty and negative sentiment in the crypto community, influencing BTC market behavior and keeping its value under pressure.
Bitcoin’s Falling Prices Amid Anticipation of the Halving Event
The decline in BTC prices can be attributed to the next block reward halving event, scheduled to occur in less than 280 days.
During the fourth bounty halving eventthe Bitcoin network block subsidy will be reduced from 6.25 BTC to 3.125 BTC.
Reward halving events occur roughly every four years, with the goal of creating scarcity in Bitcoin by halving the number of newly issued Bitcoins for miners.
As a deflationary asset, the limited total supply of 21 million Bitcoins is one of the contributing factors to its value.
The halving event poses several implications for miners and the network.
With reduced block rewards, some miners may find their operations become less profitable or unprofitable, leading to a potential decrease in network security and stability as miners are able to exit the network.
To continue to secure the network and maintain revenue, miners can prioritize transactions with higher fees as demand for transactions increases and Bitcoin gains greater acceptance.
However, there is a delicate balance, as excessively high transaction fees could deter everyday users, limiting the adoption of Bitcoin as a medium of exchange.
Anticipation and speculation surrounding the halving event also affects market sentiment and prices.
As investors and participants anticipate the effects of the Bitcoin price halving, it may lead to increased attention and pressure on miners.
Bitcoin Price Prediction
As of Sunday, Bitcoin is currently showing a lack of volatility, resulting in choppy moves within its trading range.
On the daily time frame, Bitcoin is in a consolidation phase, confined within a tight range. Resistance is identified at around $31,400, while support lies around $29,600.
A crucial factor to watch is whether Bitcoin can decisively close above the $29,600 level, as this could trigger a move higher for the cryptocurrency.
However, if there is a clear break below $29,600, Bitcoin could find support around $28,450, and possibly even lower towards $27,450.
For a move higher, breaking above the $31,350 level would set the stage for the next significant target around $32,500.
Given these price levels, it is essential to closely monitor the $29,600 level as a pivotal point for trading today.
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