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The price of bitcoin (BTC) rose more than 9% in the previous week, nearly 18% above its low of $26,700 earlier this year.
In addition, the fall of the Terra (LUNA) ecosystem was one of the main catalysts for the fall of bitcoin and other virtual currencies in early May. Therefore, we also need to keep a close eye on this digital currency and see what happens to it. There is a project to revive LUNA, but it may not have the proper support in the crypto industry.
Given the volatility in all financial markets, not just the cryptocurrency sector, many individual investors hesitate where to direct their capital, as it is very difficult to predict the future price of the leading cryptocurrency. In particular, the crypto community CoinMarketCap believes that on June 30, 2022, bitcoin will be traded at a price of $ 41,175, which is 30% more than the current price.
The price forecast is based on the average of the six recent predictions presented by the crypto community, which has historically predicted bitcoin prices with an accuracy of 80.3%.
Bitcoin (BTC) Price Analysis
According to the data, after being in a bearish trend for most of the month, the price of the leading cryptocurrency is $29,708 with a total market cap of $565 billion, down 6.45% from the last 24 hours and 0.21% from the previous week at the time of writing.
However, this is still 50% less than the record high price of the cryptocurrency, which in November last year exceeded $ 69,000. As you can follow in the news, there was a drop in the cryptocurrency market earlier this month, resulting in a loss of nearly $1.5 trillion. Some experts warn that another “crypto winter” similar to the one that happened in 2018 may appear on the horizon.
Bitcoin’s Fear and Greed Index registered “extreme fear” due to the collapse of the cryptocurrency market, causing the indicator to fall to its lowest level since the beginning of 2019. A week after the crash, bitcoin began to show some signs of recovery and managed to gain a market capitalization of $ 600 billion by Tuesday, May 30.
On the positive side, JPMorgan Chase strategists claim that the leading cryptocurrency has “significant growth potential” that helped change the sentiment of market participants this week.
Earlier, Bitcoin (BTC), the largest cryptocurrency on the market, exceeded $ 32,000 for the first time since the beginning of May.
The cryptocurrency market has been in a bearish trend since November 2021, when most altcoins and bitcoins reached new all-time highs. At the moment, this shows a correction against the background of a bear market. This means that in the coming months, we may see a continuation of the bearish trend for Bitcoin and other digital currencies.
There are other things to consider when it comes to the price of most virtual currencies. It is important to monitor how traditional financial markets behave and whether they influence investment decisions related to digital currencies. Let’s not forget that there are several companies that have already invested in Bitcoin and can withdraw their funds if they feel uncertainty in the financial markets.
Author: Anton Zaitsev, Analyst Freedman Club Crypto News
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