Bitcoin Price Prediction as BTC Starts Recovering and Goes Back Above $26k

Updated: 13 June 2023

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The Bitcoin price started to recover after previously dropping below $26k on June 10th. After nearly two full days of trading sideways, Bitcoin saw two minor price increases, both of which were followed by corrections back to $25,700.

However, later on June 12th, the coin started a strong, steady price recovery that took it from $25,736 to $26,236.

The coin climbed by $500 in less than 24 hours, followed by a brief correction back to $26,115. After dropping to this level, BTC started growing once again, reaching $26,181 at the time of writing.

According to experts, the positive fluctuation in the market suggests that buyers have started showing strength again and were able to push the price upward.

The movement is a result of two significant factors — a positive divergence observed on the 1-hour RSI, and the breaking of the downtrend line, indicating a potential shift in the market sentiment from bearish to bullish.

When the surge first started, the experts warned that the $26k level could still act as a strong resistance, but fortunately, Bitcoin managed to break it and remain above it.

A pseudonymous CryptoQuant analyst, Crazzyblockk, hinted at the recovery before it started, stating that the position of the Spent Output Profit Ratio (SOPR) offers this potential.

SOPR is a macro market sentiment indicator that measures the degree of realized profits moved on-chain.

Everyone needs Bitcoin, says Simon Mow

Another bullish prediction recently came from Samson Mow, the CEO of Jan3.

At the BTC Prague 2023 conference, Mow spoke about the current state of the Bitcoin market and why he is bullish on the asset for the near and long-term future.

He said that anything under $30,000 is “massively undervalued,” and that he expects a major rebound very soon.

BTC already reached this price earlier this year in April, after 10 months of trading lower.

Mow added that he is bullish because everyone needs Bitcoin.

The banking system is failing. The legacy financial system is failing. Money is not money anymore and stopped being money some time ago, payments can be frozen. Nothing works. Only Bitcoin works.

Gary Gensler had a dramatically different view of crypto in 2018

Another major revelation came on Twitter, where Simon Lyman, former Senior Scriptwriter at the US Chamber of Commerce shared a video from 2018.

In the video, Gary Gensler, the SEC Chairman who recently led a crackdown on Coinbase and Binance, stated that Bitcoin, Ether, Litecoin, and Bitcoin Cash were not securities.

He also added that three-quarters of this market is probably not securities.

If Gary looks slim, it’s because he’s been eating nothing but his own words since 2018.

“Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.”

“Three-quarters of this market is probably not securities.” pic.twitter.com/wdgWcxw4h4

— Sam Lyman (@SamLyman33) June 12, 2023

Gensler has dramatically changed his stance on the crypto industry since, and the community started questioning why.

Wall Street Memes raises over $6.5 million

While the crypto market is debating whether Bitcoin is starting to recover, a new meme coin called Wall Street Memes (WSM) is emerging as one of the most popular new cryptos.

The meme coin was inspired by the subreddit WallStreetBets, which stood up against institutional investors in 2021.

At the time, institutions were trying to short GameStop stocks, alongside several other firms, for their own benefit.

However, amateur investors traded against them, saving the company from going under. Now, a meme coin emerged to immortalize the event, and the community loves it.

It has already raised over $6.5 million, and its presale is still ongoing.

At this time, the token can be purchased with ETH, USDT, or card, at the price of $0.0286 per unit.

The current phase will continue for little over 2 more days, when the price increase to $0.0289 is expected.

Smog (SMOG) - Meme Coin With Rewards

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