Bitcoin (BTC) Price Prediction and Analysis in June 2020

We will be looking at the BTC price history and market predictions in order to try and formulate a Bitcoin price prediction for June 2020. Bitcoin Overview Bitcoin is the number one crypto according to a market cap of $179,549,652,875 and a trading price of $9,767.97. There are currently 18,381,475 BTC in circulation out of a total of 18,381,475 BTC. $34,814,284,029 worth of Bitcoins has been traded in the last 24 hours. Bitcoin Price Prediction: Analysis Bitcoin started May at a price of $8,600, and in the first week of the month, Bitcoin worked mostly towards getting past the $9,000 resistance level. On May 6th, BTC rallied up to $9.411,47, closing at $9.268,76. The next day, Bitcoin saw another bullish run, reaching $9.992,66, but going back down to $9.951,52. Another push towards $10,000 was made on May 8th, with the coin once again touching $9.996,74. The following two days, Bitcoin experienced some sharp losses, as on May 10th, one day before its halving, BTC went below the new support level of $9,000, reaching a low of $8.395,11. After the Bitcoin Block Halving, BTC traded mostly between $8,600 and $8,700, briefly touching the $9,000 resistance level. On May 12th, Bitcoin traded under the $9,000 level, and on May 13th, the coin rallied up toward the end of the day to close at $9,300. The bullish momentum continued the following day, with the coin rallying up to close at a price of $9.733,72. Investors are still waiting for Bitcoin to get past the $10,000 critical resistance. The coin is still at the support level of $9,500, with BTC having chances to get to higher resistance levels and ultimately make the leap for $10,000. The current pivot, resistance, and support levels calculated by WalletInvestor are: Resistance Level (R3): 10454.42 Resistance Level (R2): 10119.15 Resistance Level (R1): 9926.437 Pivot Point: 9591.173 Support Level (S1): 9398.457 Support Level (S2): 9063.193 Support Level (S3): 8870.477 Developments One of the biggest events in the history of Bitcoin has taken place on May 11th; the third halving. The protocol of Bitcoin is scheduled to reduce the supply by 50% approximately once every four years to manage the issuing of new Bitcoins. The event reduced the mining rewards from 12.5 Bitcoin per block to 6.25 units. The halving occurred at the 630,000th block, and the first block from the new batch of 6.25-Bitcoin-per-was mined by Antpool, the fourth-largest mining pool according to total computing power. The last block prior the halving was mined by f2pool, with the pool embedding in the 629,999th block (the last before the halving) a message in the transaction data which references the current financial crisis: “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue”, as an homage to Satoshi Nakamoto’s message in the first block of Bitcoin in 2009. The mining difficulty adjustment reached a new high of 121 exahashes per second (EH/s) seven days before the event, surpassing the past record of 118 EH/s, according to PoolIn data. Another interesting thing that was noticed was that mining pools appeared to be holding their cryptocurrency. Korean analytics, CryptoQuant, provided charts and data, which showed that mining pools aren’t sending to convert their coins on exchanges as quickly as before. Chinese mining pool F2Pool, for example, which produces 17.1% of the Bitcoin blockchain’s total computing power, experienced an outflow of 139 Bitcoins on Wednesday, which is the lowest sum that left the pool in six months. Out of these 139 BTC, only 29 were sent to cryptocurrency exchanges, the fewest sent in the last year. Bitcoin Price Prediction: Market Opinion for June 2020 A number of crypto forecasting sites made their own Bitcoin price prediction for June 2020. We have included some of these forecasts below in order to deliver a more comprehensive market sentiment concerning the future development of BTC. Longforecast Longforecast forecasted that BTC will have a trading price of $10797 at the start of June. They also estimated that the maximum price of the coin for this month would reach $14996, while the minimum price will be around $9934. The monthly average was estimated at a price of $11908. The closing price was calculated to be around $11903, change for June 10.2%. Digitalcoinprice Digitalcoinprice‘s Bitcoin price prediction sees the coin reaching a price of $22,027.22 in June, which means an increase of 131.06%. Tradingbeasts Tradingbeasts anticipated that Bitcoin would debut in June at a price of $8,386.793. The maximum price for the month placed the coin at $ 0,462.037, while the minimum price was calculated at $7,114.185. Bitcoin was projected to close June at a value of $8,369.630, with a change of -12.20%. Coinpredictor Coinpredictor forecasted that Bitcoin will experience a decree of -22.6% in June, meaning that the coin will be trading at $7,137.53. Gov.capital Gov.capital estimated that Bitcoin’s trading price for June 1st will be $9785.932, w

Bitcoin (BTC) Price Prediction and Analysis in June 2020

We will be looking at the BTC price history and market predictions in order to try and formulate a Bitcoin price prediction for June 2020.

Bitcoin Overview

Bitcoin is the number one crypto according to a market cap of $179,549,652,875 and a trading price of $9,767.97. There are currently 18,381,475 BTC in circulation out of a total of 18,381,475 BTC. $34,814,284,029 worth of Bitcoins has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

Bitcoin started May at a price of $8,600, and in the first week of the month, Bitcoin worked mostly towards getting past the $9,000 resistance level. On May 6th, BTC rallied up to $9.411,47, closing at $9.268,76. The next day, Bitcoin saw another bullish run, reaching $9.992,66, but going back down to $9.951,52. Another push towards $10,000 was made on May 8th, with the coin once again touching $9.996,74.

BTC USDT 1-hour chart

The following two days, Bitcoin experienced some sharp losses, as on May 10th, one day before its halving, BTC went below the new support level of $9,000, reaching a low of $8.395,11.

After the Bitcoin Block Halving, BTC traded mostly between $8,600 and $8,700, briefly touching the $9,000 resistance level. On May 12th, Bitcoin traded under the $9,000 level, and on May 13th, the coin rallied up toward the end of the day to close at $9,300.

The bullish momentum continued the following day, with the coin rallying up to close at a price of $9.733,72.

Investors are still waiting for Bitcoin to get past the $10,000 critical resistance. The coin is still at the support level of $9,500, with BTC having chances to get to higher resistance levels and ultimately make the leap for $10,000.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

  • Resistance Level (R3): 10454.42
  • Resistance Level (R2): 10119.15
  • Resistance Level (R1): 9926.437
  • Pivot Point: 9591.173
  • Support Level (S1): 9398.457
  • Support Level (S2): 9063.193
  • Support Level (S3): 8870.477

Developments

Bitcoin halving

One of the biggest events in the history of Bitcoin has taken place on May 11th; the third halving. The protocol of Bitcoin is scheduled to reduce the supply by 50% approximately once every four years to manage the issuing of new Bitcoins.

The event reduced the mining rewards from 12.5 Bitcoin per block to 6.25 units. The halving occurred at the 630,000th block, and the first block from the new batch of 6.25-Bitcoin-per-was mined by Antpool, the fourth-largest mining pool according to total computing power.

The last block prior the halving was mined by f2pool, with the pool embedding in the 629,999th block (the last before the halving) a message in the transaction data which references the current financial crisis: “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue”, as an homage to Satoshi Nakamoto’s message in the first block of Bitcoin in 2009.

The mining difficulty adjustment reached a new high of 121 exahashes per second (EH/s) seven days before the event, surpassing the past record of 118 EH/s, according to PoolIn data.

Another interesting thing that was noticed was that mining pools appeared to be holding their cryptocurrency. Korean analytics, CryptoQuant, provided charts and data, which showed that mining pools aren’t sending to convert their coins on exchanges as quickly as before.

Chinese mining pool F2Pool, for example, which produces 17.1% of the Bitcoin blockchain’s total computing power, experienced an outflow of 139 Bitcoins on Wednesday, which is the lowest sum that left the pool in six months. Out of these 139 BTC, only 29 were sent to cryptocurrency exchanges, the fewest sent in the last year.

Bitcoin Price Prediction: Market Opinion for June 2020

A number of crypto forecasting sites made their own Bitcoin price prediction for June 2020. We have included some of these forecasts below in order to deliver a more comprehensive market sentiment concerning the future development of BTC.

Longforecast

Longforecast forecasted that BTC will have a trading price of $10797 at the start of June. They also estimated that the maximum price of the coin for this month would reach $14996, while the minimum price will be around $9934. The monthly average was estimated at a price of $11908. The closing price was calculated to be around $11903, change for June 10.2%.

Digitalcoinprice

Digitalcoinprice‘s Bitcoin price prediction sees the coin reaching a price of $22,027.22 in June, which means an increase of 131.06%.

Tradingbeasts

Tradingbeasts anticipated that Bitcoin would debut in June at a price of $8,386.793. The maximum price for the month placed the coin at $ 0,462.037, while the minimum price was calculated at $7,114.185. Bitcoin was projected to close June at a value of $8,369.630, with a change of -12.20%.

Coinpredictor

Coinpredictor forecasted that Bitcoin will experience a decree of -22.6% in June, meaning that the coin will be trading at $7,137.53.

Gov.capital

Gov.capital estimated that Bitcoin’s trading price for June 1st will be $9785.932, with a maximum price of $11253.8218 and a minimum price of $8318.0422. Below are the rest of the predictions for all the days in June.

Calendar date Regular Least possible price Best possible price
2020 June
2020 June 01, Monday  9785.932  8318.0422  11253.8218
2020 June 02, Tuesday  9897.741  8413.07985  11382.40215
2020 June 03, Wednesday  9931.350  8441.6475  11421.0525
2020 June 04, Thursday  9680.084  8228.0714  11132.0966
2020 June 05, Friday  9648.612  8201.3202  11095.9038
2020 June 06, Saturday  9807.682  8336.5297  11278.8343
2020 June 07, Sunday  9856.511  8378.03435  11334.98765
2020 June 08, Monday  9834.266  8359.1261  11309.4059
2020 June 09, Tuesday  9831.661  8356.91185  11306.41015
2020 June 10, Wednesday  9702.995  8247.54575  11158.44425
2020 June 11, Thursday  9603.976  8163.3796  11044.5724
2020 June 12, Friday  9614.243  8172.10655  11056.37945
2020 June 13, Saturday  9567.574  8132.4379  11002.7101
2020 June 14, Sunday  9590.845  8152.21825  11029.47175
2020 June 15, Monday  9648.072  8200.8612  11095.2828
2020 June 16, Tuesday  9803.408  8332.8968  11273.9192
2020 June 17, Wednesday  9911.164  8424.4894  11397.8386
2020 June 18, Thursday  9901.853  8416.57505  11387.13095
2020 June 19, Friday  9962.626  8468.2321  11457.0199
2020 June 20, Saturday  10096.00  8581.6  11610.4
2020 June 21, Sunday  10235.75  8700.3875  11771.1125
2020 June 22, Monday  10430.19  8865.6615  11994.7185
2020 June 23, Tuesday  10403.73  8843.1705  11964.2895
2020 June 24, Wednesday  10380.55  8823.4675  11937.6325
2020 June 25, Thursday  10551.94  8969.149  12134.731
2020 June 26, Friday  10970.20  9324.67  12615.73
2020 June 27, Saturday  10707.04  9100.984  12313.096
2020 June 28, Sunday  10648.67  9051.3695  12245.9705
2020 June 29, Monday  10676.66  9075.161  12278.159
2020 June 30, Tuesday  10743.05  9131.5925  12354.5075

Cryptorating

Cryptorating’s Bitcoin price prediction for June expects the coin to increase with 43.78%, which would place BTC around $13 790.55.

Cryptoground

Cryptoground projects that BTC will reach in June a price of $9,736.8819, signifying an increase of 2.62%.

30rates

30rates made predictions for the first 18 days of April, along with the minimum and maximum values of each particular day.

06/01 Monday $10015 $11523 $10769
06/02 Tuesday $9934 $11430 $10682
06/03 Wednesday $10104 $11626 $10865
06/04 Thursday $10326 $11880 $11103
06/05 Friday $10156 $11684 $10920
06/08 Monday $11490 $13220 $12355
06/09 Tuesday $11453 $13177 $12315
06/10 Wednesday $11582 $13326 $12454
06/11 Thursday $11819 $13599 $12709
06/12 Friday $11878 $13666 $12772
06/15 Monday $11911 $13705 $12808
06/16 Tuesday $12504 $14386 $13445
06/17 Wednesday $13009 $14967 $13988
06/18 Thursday $13034 $14996 $14015

Bitcoin Price Prediction: Verdict

With this, we have reached the end of our Bitcoin price prediction for June 2020. From the data and predictions we have analyzed, the market sentiment is largely positive for Bitcoin.

Featured image: tokeneo.com

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