Bitcoin Price Forecast: Unleashing the Bullish Power

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The Bitcoin price was growing and breaking down one obstacle after another for about two weeks after BlackRock filed for a Bitcoin ETF with the US SEC. Several other companies followed its example, filing or re-filing their own proposals. However, last Friday, June 30th, the SEC rejected them all, causing Bitcoin’s price to crash from $31k to under $30k.

The drop below $30k was only for a moment, as the coin immediately recovered above this price, confirming $30k to be its major support. As the day progressed, the coin recovered further, finding a new resistance level at $30.75k. Over the weekend, BTC price fluctuated between a support level of $30,000 and a resistance level of $30,750.

The coin only managed to grow strong enough to get past this level on early Monday, July 3rd. It briefly reached $30.8k on the occasion before correcting back to $30.6k. Since then, it reached $30.75k resistance several times but was unable to breach it again.

One analyst is concerned that everyone is thinking about buying, expecting that the market will move against what everyone thinks and expects. In other words, they believe that the market is showing signs of an upcoming decline.

Another expert has a more optimistic outlook on the future, expecting that the coin will manage to climb to the $39k-42k zone at some point over the next two months. After that, however, they too expect a sharp drop with big amount of anti-crypto news fueling it. Their prediction is grim, expecting the coin to sink to the $14k-$11k zone.

Their prediction is caused by historical data, where a strong wave of bad news emerges each time before the halving, pushing the price down. Whales tend to use this opportunity to buy BTC at a low price. The analyst even provided their view on the coin’s price in 2025, stating that Bitcoin will hit $100k easily during the next big bull run.

Cameron Winklevoss slams the SEC’s decision to reject Bitcoin ETF

The US SEC attracted even greater criticism over the decision to reject Bitcoin ETF applications. The regulator was already under scrutiny for going after Coinbase and Binance in early June. With the decision to reject every single ETF filing from some of the world’s largest financial companies, the regulator did not leave a positive impression.

Cameron Winklevoss, the co-founder of Gemini and one of the past Bitcoin ETF pursuers had sharp comments regarding the regulator’s actions. He expressed his disappointment with the decision, stating that this represents a major setback for investors in the US.

He further argued that the regulator has been steering investors toward unregulated and potentially harmful crypto products for almost a decade now. It has been 10 years since the Winklevoss twins filed their own Bitcoin ETF application for the first time. Just like this time, the SEC has been rejecting all proposals, still not allowing a single spot Bitcoin ETF in the US.

Today marks 10 years since @tyler and I filed for the first spot Bitcoin ETF. The @SECGov's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why:

-"protected"… pic.twitter.com/xmK1xo1iX8

— Cameron Winklevoss (@cameron) July 2, 2023

Winklevoss’s statements were echoed by several other industry commentators, especially since Fidelity and BlackRock were among the companies that submitted their spot Bitcoin ETF filings. Other firms that gave it a shot were WisdomTree, Invesco, Valkyrie, and ARK Invest.

Bitcoin accumulation on the rise

Despite Bitcoin’s price crash following the SEC’s ETF rejection, or maybe because of it, BTC saw a significant upward trend when it came to accumulation.

According to CryptoQuant data, institutional entities have been in a rush to collect as much Bitcoin as possible, particularly when it comes to hedge and private funds, investment firms, and alike.

#Bitcoin Institutional Fund Accumulation Trends
by @OnchainTarek

Thread🧵 pic.twitter.com/ZHe0gdoTxa

— CryptoQuant.com (@cryptoquant_com) July 3, 2023

Their strong interest in the asset was taken as a positive sign, especially given the recent volatility and Bitcoin’s struggle to stay above $30k instead of dropping back down. It was also taken as the departure from short-term investors’ sprint-like behavior. According to analysts, institutions are taking more of a marathon approach focusing on Bitcoin’s long-term value.

ChimpZee presale blows up, goes beyond the $500k milestone

ChimpZee (CHMPZ) is one of the newest and hottest cryptos on the market. The project is in the middle of a presale which is blowing up in popularity. ChimpZee has already managed to raise more than half a million, with the amount raised at the time of writing sitting at $673,059.

The token’s price at the time of writing sits at $0.00067, which will be the case for another 4 and a half days. After that, the price will increase to $0.0007. So far, over 1.2 billion tokens have been sold, with the project selling more all the time. Interested users can purchase CHMPZ via ETH, USDT, or credit card.

ChimpZee is a project that aims to fight climate change and save endangered wildlife. One of its largest initiatives recently led to the planting of 20,000 trees in Guatemala. The project intends to empower investors to positively impact the environment by saving the animals and, indeed, the entire ecosystems. Along the way, investors also stand to earn income with their support of the initiative.

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