The Bitcoin price rising considerably in the past 4 months has led to a rise in price for the majority of altcoins as well. With the mining difficulty remaining at around 27 million for BTC, the price of Bitcoin has risen to a new all-time high of $3,800 — a new record high that has been commonly predicted since last year. With the large spike in price, several altcoins have also greatly risen in value.
Bitcoin price prediction for June — is the microbear market nearly over?
Bitcoin has been stuck in a bear market for a couple of years now. Most people attribute this to the crypto-currency industry being in its infancy and thus lacking real-world use, but there is still a lot of uncertainty about what the future holds for bitcoin. So, is it really all over?. Read more about bitcoin price prediction end of 2021 and let us know what you think.Could the bitcoin market be heating up as summer approaches? After hitting an all-time high of $64,500 in mid-April, the original crypto-currency has come under serious downward pressure in recent weeks, as a large amount of FUD (fear, uncertainty and doubt) has driven the price of bitcoin down by nearly 50%. However, many experts believe that the situation can change. In this article, we look at the current price situation, some factors that may affect the bitcoin price in the near future and predictions from experts to give readers a bitcoin price forecast for June 2021.
What is the current price of Bitcoin?
Annual bitcoin chart. Source: CoinMarketCap Currently, the price of bitcoin is around $35,000. That’s about half of the all-time high of $64.5K reached in mid-April. As incredible as it seems, the price is still almost 270% higher than just over a year ago. The strong growth of the cryptocurrency market has led to increased interest from institutional investors and renewed interest from private traders. For the first time, bitcoin was able to reach a market value of over $1 trillion, becoming one of the fastest assets to reach this goal. It was faster than Google, Amazon, Apple and Microsoft. The price ran into trouble after Tesla, which was partly responsible for the price spike in 2021 after buying $1.5 billion, decided to backtrack on its decision to allow BTC to purchase its cars, citing the use of fossil fuels in mining bitcoin. This coincided with China’s crackdown on cryptocurrencies, which caused the price of the digital asset to fall to the $40,000 mark. Over the past two weeks the price has fluctuated between $32,000 and $40,000, BTC has failed to break out of this range, but with some positive fundamental changes an upward move is now in sight. Below we look at some of the reasons why the price is likely to fall outside of this range.
What events could affect the bitcoin price in June?
In this section, we look at the factors that are likely to influence the bitcoin price in June.
Resumption of the hauss market
The upward trend in the cryptocurrency market has taken a bit of a break, but that was to be expected sooner or later. It can be said that the market has grown for seven consecutive months since the last quarter of last year. The current hiccup is probably nothing to worry about, and many experts believe there is more to come as the price of BTC could reach the $100,000 mark by the end of the year. Plan B’s Stock-to-Flow (S2F) analysis models remain unchanged despite the recent correction and predict very attractive cycle stops. The standard S2F model provides a top bar of $100,000, while the custom S2FX version allows for a whopping $288,000. A resumption of the uptrend should bring the price of BTC back into familiar territory.
Sustained institutional interest
After companies like Tesla got into bitcoin, many institutional investors began to become familiar with cryptocurrencies. They don’t want to miss out on the benefits that digital assets like bitcoin promise. MicroStrategy, Inc. is a very active company in the bitcoin space. The company has over 97,000 BTC and just borrowed $400 million to acquire more at what it believes is a good price. According to analysts at Goldman Sachs, FOMO has become a formidable force for institutional investors who watch from the sidelines as the brave cash in on the crypto-currency market. Therefore, the continued interest of these investors should drive the price of BTC higher. Industry insiders also point to interest from central banks, which could make a big difference to the digital asset.
This week, the South American country of El Salvador took a historic step by recognizing bitcoin as legal tender. Although the country has not yet acquired a large amount of BTC as a reserve asset, this development marks an important step in the development of bitcoin into a truly global currency. According to Vijay Boyapati’s essay on monetary theory, this could be a milestone in bitcoin’s journey from a store of value to a medium of exchange, which argues for the increasing monetization of bitcoin. Other Latin American countries, including Brazil, Mexico and Paraguay, and the Polynesian country of Tonga, have already expressed interest in making bitcoin a legal tender or buying large amounts of the asset for their sovereign wealth fund reserves. This is extremely bullish news for bitcoin, and could prove to be the fuel needed to resume the bull market.
Bitcoin Price Forecast
There are several potential price targets for June, depending on the type of analysis used, but all forecasts point to the end of the current microdrive market. #Bitcoin loves the swing failure model. Up and down, the 5th fails. Shake often. It’s when everyone gets giant bear and goes short that the price reverses pic.twitter.com/DtfGPcwcCZ – DatCryptoBoi – Algo swing trading shitpost pleb (@DatCryptoBoi) June 10, 2021 Twitter analyst @DatCryptoBoi, whose trading system generates returns of over 900%, believes the bitcoin correction is over, based on fractal analysis of previous price declines. With BTC recovering strongly, he predicts bitcoin will enter a bullish trend channel and finish around $42-45k by the end of June. This represents an increase of about 20% over the current price range. Bitcoin’s 4-hour chart. Source: TradingView Bitcoin is also forming a rounded bottom pattern on its price chart. This pattern occurs when the downtrend loses momentum and provides a solid springboard to the upside when asset prices rebound. Bitcoin has also recovered its long-term trendline, and if the price can stay above $36k in the coming days, we can speak of a full recovery. If this trend continues, the $52 resistance zone becomes the natural target for the end of the month. In short, most signs point to a bullish June for bitcoin. The technical picture yields lenses in the price range of $42-45k to $52k and above. However, it is worth noting that targets and pricing models drop when bitcoin undergoes significant fundamental changes. Just as Elon Musk’s FUD fueled May’s carnage and reversed negative market sentiment, El Salvador’s declaration helped bitcoin regain key support levels and potentially restore bull market dominance. With the further development of fundamental events, it is not impossible that the daily profit will be $5,000 to $10,000. Please note that the above figures are only the author’s personal opinion, based on relevant market data. None of this information should be construed as direct investment advice.Bitcoin is a volatile market and the cryptocurrency space is the most volatile market of them all — and so it should be no surprise that we see a lot of bubbles and crashes around here. It is important not to place yourself in the middle of these up and downs, since you can easily get hurt. However, it can be fun to try to predict the future and play the “loser’s game” by betting on which path the market will choose.. Read more about bitcoin price prediction 2022 and let us know what you think.
Frequently Asked Questions
How much will a Bitcoin be worth in 2030?
In past weeks, many people have become concerned with the price of Bitcoin, which has been in a long bear market since the end of January. Some of the fundamental reasons for this are the increasing public awareness of Bitcoin as a payment method and the increasing use of Bitcoin as a store of value. Bitcoin is becoming more and more of a mainstream currency, and thus it would make sense that the cryptocurrency’s price would be as a result. Bitcoin is a digital currency that is not backed by any government or central bank. The value of bitcoin is derived purely on the trust people in the community place in it. The bitcoin price has a lot of volatility, making it hard to predict. With the recent price surge, many are now predicting that this bear market is nearly over, and that the bitcoin price will soon rise to the moon.
Why is the Crypto market crashing?
In the past five days, Monero’s price has plunged from $219.24 to $135.30—a massive drop of about 86.5% from its recent high. Although it is still up 30% year-to-date, the drop has been so rapid that many are speculating the cryptocurrency is in a death spiral, which means it is going to fall to zero. This is because the cryptocurrency has fallen out of favor with investors, as it’s seen as too risky for the average person. Crypto markets are notoriously volatile, and the minor bear market we’ve been experiencing won’t last for long.
What will Bitcoins be worth in 2050?
Bitcoin is an open source, decentralised digital currency that can be sent from one person to another over the Internet. Bitcoins are valuable because they are ‘programmable money’, they can be used to pay for goods and services anywhere in the world. However, even though Bitcoins are not controlled by a central bank or government, they are gaining popularity. The price has been going up in the past few months, and the media talks about Bitcoin all the time. Bitcoin was created in 2009 by an anonymous programmer with the goal of creating a new currency that “would eliminate the need for a trusted third party, such as a bank.” While that vision proved a little bit short-sighted as Bitcoin has been forced to innovate and change at a faster pace than anticipated, it’s still a better solution than traditional currencies.
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