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Bitcoin Price Prediction June 2021: Can Bitcoin Recover To Its Previous Levels In June?

 Bitcoin Price Prediction June 2021: Can Bitcoin Recover To Its Previous Levels In June?

The price of Bitcoin has been fluctuating between $32k-40 over the past few weeks after the crypto crash. Read on for Bitcoin price prediction for June 2021. 





 Over the past few weeks, the Bitcoin price has been unsteady quite a bit, more so on the lower side. Ever since the major crypto crash on May 19, when the price of Bitcoin went down close to $30k, Bitcoin's price has been unsteady between $32k-40k. So why has Bitcoin and the whole of crypto markets behaving so irrationally as of late? In this article we'll take a look at why is Bitcoin going down and Bitcoin price prediction for June 2021. 

Bitcoin Price Prediction 

Making crypto price predictions can be difficult, especially Bitcoin price prediction, as Bitcoin's chart movements essentially influence the whole crypto market. However, many crypto experts have given price predictions for Bitcoin. The Economy Forecast Agency predicts that the price of Bitcoin could go up to to $39,428 in June 2021. Previsioni Bitcoin predicts that the price of Bitcoin could go up to $48,605 by the end of June or July. Christopher Brown of Faith Finance predicts that Bitcoin could possibilty get back to its all-time high price in June if the market is favourable. However, this is all opinion, and Bitcoin price predictions should be taken with a grain of salt. 

Why is Bitcoin going down?

Over the past few weeks, since May 19, a lot of negative news about crypto has been emerging from around the world. Starting with Elon Musk's announcement on Twitter that Tesla would stop accepting Bitcoin as payments, which lead to around a 10 % fall in the price of Bitcoin overnight. On May 19, Bitcoin further fell down to 30k, after China reinforced their bans on cryptocurrencies. Since then, the price of Bitcoin unsteady quite a bit and went down a couple of days as Donald Trump said in an interview that he believes Bitcoin to be swindle. Stay tuned for more updates on cryptocurrencies. 


Bitcoin is in recovery mode and bulls may push for $40k and above levels as the positive sentiment is fuelled by long term holders.


The crypto market remains in the recovery mode after witnessing record price dips across the board last month, most conspicuous in the case of Bitcoin. Influencers are branding the ongoing consequence as the ‘Great Unwind that will filter out grains from the chaff. At the time of writing, Bitcoin was up by 2% in the last 24 hours, and was holding support at a little under $35,000. Technical analysis suggests a resistance in the proximity of $40,000. Let’s carry out a brief analysis of Bitcoin’s recent price movements and understand where it may be headed in the month of June, 2021.

The flagbearer and gold standard of the cryptocurrency industry, Bitcoin is a coeval digital currency used primarily for online trading and digital payments. It was launched in 2009 by a mysterious and anonymous person going by the pseudonym, Satoshi Nakamoto.

What is the current price of BTC, and how did it reach this point?

Bitcoin was trading at $36,650 at the time of writing. The coin faced the maximum brunt of bearish developments over the past month, and saw the biggest drop in BTC’s history, crashing by over 50% from it’s all-time high of $64,000 in mid-April 2021.

There were multiple external factors involved in bringing about its recent downfall, including Elon Musk's announcement that Tesla won’t accept Bitcoin anymore; Hong Kong’s crypto trading ban, limiting the activity to only a group of professionals with high net worth; and most notably, the Chinese crackdown on cryptocurrency. May 2021 was in fact the worst calendar month in the 12-year long history of BTC. As we write, Musk is having another bad breakup with Bitcoin. Many fear it may make BTC breakout from the lower $29,800, a level that was tested earlier in late January this year. If that occurs, a reversal may be difficult any time soon.

Even though BTC didn’t lose a complete half of its value in May, Bullish spectators haven’t found any favours either, as the coin has failed to deliver a solid higher momentum. BTC prices saw brief reversals post 20 May, but they’ve only collapsed downwards, repeatedly. In that light if the resistance level continues to sustain longer between $38,000 and $42,000, bearish technical charts and a negative sentiment may lead to overall sell pressure, causing BTC to dip.

BTC began the month of June at a support level of around $33,500, continuing to witness ping-pong price movements, looking for its next big move. Bulls and bears have been engaged in a closely-fought battle, coiling the crypto into what appears to be a tightly wound spring, with BTC price action fluctuating between two converging trend lines.

Bitcoin Price Forecast for June 2021 and What May Impact it

The current BTC price can be deemed as a fairly good position, keeping in mind the sell pressure it witnessed last month.

There’s a good possibility that BTC volatility may accelerate once it breaks out from the pennant pattern that seems to have formed lately. Bulls would be hoping for a strong rebound, pushing the coin beyond the $40,000 mark, and further breaking into the $50,000 plus territory. In fact, spark reversals were witnessed earlier on 20 May and 24 May too, after BTC/USD had tested lower depths of $30,000 and $31,000 on previous days, bouncing back to the highs of $42,500 and $40,000 respectively.

 

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