Bitcoin price prediction in June 2023, what will be the rate this month? Two days ago, Bitcoin was trading above $28,000. Now, at the time of writing, the price of Bitcoin was already $27,020, and there is not much buying interest for further growth.
More recently, after reaching a consensus between Speaker of the House Kevin McCarthy and US President Joe Biden to postpone the issue of the debt ceiling until January 2025, Bitcoin was able to grow a little, but this was the only positive factor this week. Now Bitcoin is under market pressure as investors look forward to how the situation with the US government debt will be resolved.
Bitcoin faced a significant sell-off after dropping below the key $27,500 support level. The 4-hour chart shows a breakout of the 50% Fibonacci level and an uptrend line, indicating bearish sentiment.
The market is still dominated by a bearish trend in relation to the price of Bitcoin
The bearish engulfing candlestick pattern further emphasizes the downward momentum. Bitcoin reached the 61.8% Fibonacci level at $27,250 and is moving towards the next support around $26,950.
So far, the cryptocurrency market is highly dependent on the decisions of US regulators. The Fed may raise the key rate as early as June 14, which could trigger a drop in the price of Bitcoin below $27,000.
An interesting fact is that JPMorgan analysts claim that the current gold price of almost $2,000 per ounce implies a price of $45,000 for Bitcoin.
What will be the price of Bitcoin in June this year
In June, there is a high probability that Bitcoin will be under bearish pressure. Most likely, there will be no significant events that can affect the price of Bitcoin in a positive way in June.
Market volatility will also be significant. Bitcoin will start to move in the price range from $26,000 to $28,000. But later the market will finally wait for a good dump. Most likely, this will happen in June. We already wrote analytics on this issue. Please re-read our previous forecast.
We are confident that the entire $30,000 rally was a false move and only the most patient will remain in the market.
There are several external factors for this:
- crypto was launched in Hong Kong, big players will seize the moment to lower rates and buy cheaper;
- the situation with public debt and the growth of dollar quotes.
Is there a chance that the price of Bitcoin will rise above the $30,000 mark? Such a possibility exists, but it is small today.