Bitcoin Price Could Surge to US$75,000 in June 2024
Crypto analyst from Tokocrypto, Fyqieh Fachrur, recently revealed that the price of Bitcoin (BTC) could soar to the range of US$74,000-US$75,000 in June 2024, with strong support above US$69,000.
What about ETH's fate amidst this volatility?
The price of Bitcoin has surged over 60 percent year-to-date until May 2024, driven by inflows into Bitcoin Spot ETFs on US stock exchanges and expectations of a benchmark interest rate cut by The Fed.
According to data from Bitcoin Monthly Returns, Bitcoin's performance in May 2024 was quite impressive with an increase of 11.07 percent (MoM), after experiencing a 14.76 percent decline in April.
Tokocrypto Crypto Analyst: BTC Could Reach US$75,000
Fyqieh Fachrur, a trader and crypto analyst from Tokocrypto, responded optimistically to these recent dynamics. Based on a combination of on-chain, fundamental, and technical indicators, he predicts that Bitcoin might further rise in June 2024, potentially reaching US$75,000 or around Rp1.22 billion by the end of the month.
"Bitcoin's ability to reach US$75,000 is supported by a symmetrical triangle pattern that usually signals a continuation of a bullish trend. On May 31, 2024, the price of BTC approached the triangle's peak, aiming for a breakthrough above the upper trendline, which could drive its price towards US$74,000-US$75,000 in June 2024, depending on the breakout point. This breakout point may be around US$69,000, coinciding with the support of Bitcoin's upward trendline," - Fachrur stated in his official statement to the media in early June 2024.
Also Read: Bitcoin Analysis: BTC Drops, Altcoins Ready to Soar.
US Economic Developments Spark New Crypto Enthusiasm
Moreover, according to the Tokocrypto crypto analyst, Bitcoin's volatility continues to attract investor interest, and recent economic developments in the United States could be decisive for the next major moves.
The upcoming release of US inflation data for May is a key focus. If inflation in the US slows down to 3.3 percent or lower, this could push Bitcoin's price back to its all-time high of US$73,000 or around Rp1.18 billion.
"However, if the CPI results exceed expectations, the momentum could weaken. Higher-than-expected CPI results often lead to a decline in Bitcoin prices. Market participants hope for further bullish momentum with positive NFP (non-farm payroll) data, indicating inflation slowdown and increasing chances of interest rate cuts in June and July," Fyqieh explained.
If the latest CPI data, to be released on June 12, falls below expectations, this could boost investor confidence and trigger a new wave of Bitcoin purchases. Lower inflation not only supports Bitcoin but also reinforces the perception of digital assets as a hedge against inflation.
Also Read: Significant Challenges in Cosmos Network and Filecoin, BlockDAG Launches X1 Miner App.
Potential for Bitcoin and Ethereum ETFs
Fyqieh Fachrur also highlighted the inflows into Bitcoin Spot ETFs in the US. He hopes that these inflows will continue to increase throughout June, reflecting high demand for BTC.
Last week, Bitcoin ETFs experienced extraordinary net inflows of US$242 million per day, indicating a resurgence in buying demand. Considering the daily selling pressure from miners of US$32 million since the Bitcoin Halving, this ETF buying pressure is almost eight times greater.
"The large inflows into Bitcoin ETFs reflect increased investor confidence and indicate that the market may be ready for further rallies, especially as selling pressure from miners diminishes," Fyqieh stated.
This confirms the significant positive impact of ETFs on the market and the relatively reduced impact of the halving in the future. As a result, Bitcoin's price is in a good position to continue its rally into June.
Meanwhile, Fyqieh also assessed that an Ethereum Spot ETF in the US has the potential to be launched by the end of June 2024.
Also Read: ETF Ethereum Spot AS: Research Predicts Inflow of US$4 Billion in First 5 Months.
According to K33 Research polls, the upcoming US ETH Spot ETF could receive inflows of up to US$4 billion within five months, leading to price appreciation and ETH outperforming BTC.
The successful launch of an Ethereum ETF in the US in the future could set a positive precedent for the Bitcoin ETF, potentially boosting investor confidence and increasing demand in the crypto market.
This further allows Bitcoin to reach its symmetrical triangle breakout target of US$75,000 (Rp1.22 billion) in June, he concluded.
Publisher: Riswanda Nurrohman
Source: https://blockchainmedia.id/analis-kripto-tokocrypto-harga-bitcoin-bisa-terdorong-ke-us75-ribu-di-juni-2024/
