Bitcoin Price Prediction: BTC price is up more than 12% since early June
Bitcoin Price Prediction 2024: A few days ago, the market was filled with fear, doom and gloom due to the SEC’s actions against Binance and Coinbase and the declaration of various cryptocurrencies as securities. However, due to the bullish developments in the crypto market, Bitcoin is hovering around the psychological $30,000 threshold. The world’s largest cryptocurrency is up more than 12% since early June. According to data from Coinmarketcap, the price surpassed $30,000 on Wednesday, hitting its highest level since April 14.
Pioneer cryptocurrency Bitcoin (BTC) opened the year up more than 100% in the first quarter, leading many cryptocurrency experts to call 2023 a bullish year. Although bitcoin didn’t reach the same levels in Q2 as it did in Q1, many on-chain metrics still show that 2023 is still a bull year.
Bitcoin Price Prediction: Rainbow Price Chart
BlockchainCenter’s rainbow price chart – a tool that illustrates the historical movements of the world’s largest cryptocurrency in relation to various moving averages (MA).
According to the chart, BTC has just the ‘Accumulate’ Phase currently trading in the $29,895-$39,198 price range as shown by data retrieved on June 23.
BTC price analysis
The market staged a notable turnaround after a bearish week as the SEC tracked certain CEXs and declared various cryptocurrencies as commodities.
This appears to stem from news that Blackrock, the world’s largest wealth manager, has applied for a bitcoin spot ETF. Although many others have tried and been rejected, the opinion is that Blackrock will likely succeed due to the immense power they wield.
This has bolstered institutional investors’ confidence in the market, propelling Bitcoin’s price above $30,000 — a rise of over 17% over the past week.
After dropping to a three-month low last week, BTC price has recovered and is currently trading near a one-week high on Monday, showing signs of consolidation. The coin peaked at $30,234.93 on the day, marking its most important point since April 2023.
This upward move brought the price close to the crucial $30,000 resistance level. Getting past this point requires an escape. Currently, the RSI sits at 48.93 and traders are bracing for the possibility of a break. If such a breakout occurs, Bitcoin could reach the $31,000 mark.
Is it worth investing in Bitcoin?
While there’s always a good time to invest in Bitcoin as it remains the number one cryptocurrency, June presents an excellent opportunity for investors to invest in BTC. The world’s largest money manager, BlackRock, recently filed an application with the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF, and experts are almost certain the application will be approved. A spot ETF would make Bitcoin accessible to institutional investors, and experts predict a massive bull market will ensue if it does.
Additionally, regulators are making significant strides in creating a framework for the crypto industry, which could lead to further institutional activity in the bitcoin space. Another reason to invest in bitcoin this June is that the influence of digital assets in the global financial market has steadily increased and most of the megacorporations are now investing or preparing to invest in bitcoin.
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