The age-old network of Bitcoin is arguably the most popular and trusted digital currency ecosystem among major cryptocurrency investors in the market. With a plunge in the market trends in 2022, some communities expect the price to rise by the end of June.
But as the recent buzz is up, can BTC touch $34,000 by June’s end?
Investors need to decide whether to buy Bitcoin. This article strives to give an overview of the recent market trends of BTC and provide a realistic conclusion.
How does Bitcoin work?
Bitcoin or BTC, a digital currency, is a collection of various decentralized networks used for transacting digital assets and currencies. The network is built on the peer-to-peer infrastructure powered by blockchain technology. The Bitcoin ecosystem offers an open opportunity for everyone to hold digital coins without the control of banks or governments securely. With increasing popularity worldwide, the Bitcoin network has served as a prominent market besides the traditional equity markets. Here is an overview of the current trends in the BTC price movement.
The Current Market Trend for Bitcoin (BTC)
Bitcoin price has been stuck around $28,000 – $30,000 since the beginning of June and around $20,000 last week. Unlike the traditional markets, the popularity and stability of the Bitcoin market seem to be declining rapidly. Some experts speculate that this apparent plunge could signal a future price boom for BTC. Bitcoin’s market value, as of June 20, kept afloat above the $20,000 mark.
Furthermore, the data from CoinGecko shows that Bitcoin suffered a market crash with a steep 30% drop in the last 14 days.
According to some experts, the BTC may have seen an unwarranted rise in the past several weeks, but the crypto may fall back to trading near the $30,000 price level. Nevertheless, in accord with the equities market, its S&P 500 index has declined over the past month. If the Bitcoin market keeps moving at this pace, the correlation with the traditional market could be largely predictable and apparent to the investors.
The price of BTC has plunged almost 34% since the beginning of 2022. But can the price reach the $34,000 mark? The BTC value was over $20,000 yesterday. Since the start of 2022, the price has gone down by over 30%. Some say that if more investors get on board and existing bitcoin investors hold their assets and keep the price above $32,000 throughout this month, the market could see a rise up to the anticipated $34,000. Whether that happens remains to be seen.
An astounding number of Bitcoins leave exchanges
As the current information states, around 50,000 Bitcoins are expected to have exited the crypto exchanges in the last week alone. It is arguably a carry-over effect of an intense BTC accumulation over the past week. This signals the salvaged demand for Bitcoins among enthusiasts. It is astounding as the amount of these coins totals $1.5 billion, as the data indicates. Nonetheless, the price remains neutral near the $30,000 mark consistently throughout the beginning of June and around $20,000 last week.
Moreover, the day-to-day movement of Bitcoins keeps following the descending channel pattern within a $40,000 key resistance. At this moment, immediate support for BTC is predicted at $26,800. Also, the daily RSI dropped marginally below the 50 mark, which fairly neutralizes the trend around $34,000. As a reminder, this prediction is purely speculation.
Final thoughts
With the current movement in the BTC market, the Bitcoin ecosystem has a long journey ahead in 2022. But, the question remains, will BTC reach the price of $34,000 by the end of this month? As far as its professional predictions and market circumstances are concerned, it’s possible only if we see a surge in investors and hodlers that believe in BTC.
Image sourced from Pixabay
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