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, the community is expecting the price to rise by the end of June. However, the current BTC market is showing signals that are indicating a large upward movement for the most in-demand digital asset.
But as the recent buzz is up, can BTC touch $34,000 by June's end?
This question is valid as investors will decide whether to buy Bitcoin depending on the forecasts by experts. 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 for the past few weeks. Unlike the traditional markets, the popularity and stability of the Bitcoin market seem to be declining rapidly. But counterintuitively, according to experts, this apparent plunge could signal a future price boom for BTC. Bitcoin's market value, as of June 9, kept afloat above the $30,000 mark.
Furthermore, the data from CoinGecko shows that Bitcoin recovered from a recent market crash with a steep 2.3% growth in the last 14 days.
According to experts, the BTC may have seen an unwarranted rise in the past several weeks, but the crypto will fall back at 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 will be largely predictable and apparent to the investors. Which, by all means, could be seen as a positive signal for the BTC owners.
The price of BTC has plunged almost 34% since the beginning of 2022. Specialists are suggesting the buyers accumulate BTC so that in the future when it reaches the $32,000 point, they can enjoy a swift up movement of price towards $34,000 by June's end. But can the price reach the $34,000 mark? The BTC surge was over $31,536 on Wednesday, and the price dropped about 3% over the past 20 hours. Since the start of 2022, the price has gone down by 34%. According to experts, if investors can manage to keep the price above $32,000 throughout this month, the market may expectedly see a rise up to the anticipated $34,000.
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 this 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.
Final thoughts With the current movement in the BTC market, the Bitcoin ecosystem has a long journey ahead in 2022. Consequently, when the subsequent market developments get completed, the Bitcoin network will undoubtedly experience growth. 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, the market tendency of BTC has been around $30,000 in June 2022. If this continues, BTC can effortlessly reach the $34,000 mark sooner or later.
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