Bitcoin Price Prediction as the Coin Stabilizes above $26k Following Blackrock’s Bitcoin ETF Filing

Updated: 19 June 2023

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After seeing constant losses throughout the last week, the Bitcoin price saw a bullish wave on Friday, June 16th, and then another one the following day. The surge took the coin from $24.9k on Friday to a weekly high of $26,736 on June 17th.

After that, the price found stability at around $26.5k, only to correct once again on Sunday evening and drop to $26.4k starting Monday, June 19th. At the time of writing, Bitcoin sits at $26,404, down by 0.3% in the last 24 hours.

Commenting on the new price action, experts believe that Bitcoin will have to see another correction before it can surge higher and reclaim some more ambitious levels. However, analysts believe this will take some time, and a serious bull run will not come for another year.

At this time, Bitcoin’s 4-hour timeframe reveals an RSI of 55, suggesting that the market is currently seeing a relative balance. It is neither overbought nor oversold at the moment. Bitcoin has a major support area at $26,200 at this time, and if this area remains intact, analysts expect that the coin might try to test the resistance level at $26,800.

This would indicate a continuation of the current range-bound trend. But, if the support gets broken, the coin could see a sustained price decline. In that case, it could drop back to the support between $25.5k and $25.7k.

Jack Dorsey’s fund pledges $5 million to BTC devs

Apart from the recent BlackRock ETF filing, Bitcoin saw another piece of good news when Jack Dorsey’s fund pledged $5 million to the coin’s developers. The founder of Twitter decided to allocate more capital to the leading cryptocurrency’s ecosystem, to be distributed to developers over the next 5 years in $1 million annual installments.

Dorsey also said recently that he hopes Twitter would adopt Bitcoin or Nostr technologies and become more censorship-resistant. On his Twitter account, he said these are the only two truly censorship-resistant technologies at scale.

Bitcoin and nostr are the only two truly censorship resistant technologies at scale. https://t.co/0O1oihSRaz

— jack (@jack) June 16, 2023

Dorsey has helped Bitcoin and its community in the past, as well. In 2022, for example, he launched a legal defense fund to defend developers from lawsuits filed by Craig Wright, who claimed to be Bitcoin’s founder, Satoshi Nakamoto. Before that, in 2021, Dorsey joined up with Jay-Z to launch a 500 BTC blind trust that would aid developers from Africa and India.

Hong Kong urges banks to Accept Bitcoin

Bitcoin also received some good news from Hong Kong, one of Asia’s biggest upcoming crypto hubs. According to reports, Hong Kong has been urging several local banks to start offering support to crypto businesses. It also urged banks to accept and support Bitcoin alongside other cryptos, like Ethereum and Litecoin.

With the Western regulatory uncertainty, Hong Kong’s new openness to the crypto industry might offer a home to multiple crypto firms. The country even invited Coinbase to relocate to its territory if it decides to leave its native US.

Wall Street Memes presale exceeds $8.5 million raised

Despite Bitcoin’s new recovery, investors are still extremely interested in the newest meme coin, called Wall Street Memes. The coin emerged recently and is still holding a presale at the time of writing. Its token, WSM, is currently being sold at a price of $0.0295, which will remain its value for another day.

After that, the presale will enter the next phase, where the price will jump to $0.0298. So far, the presale managed to raise $8.5 million, and the amount continues to rise.

The project was inspired by a subreddit called WallStreetBets, which stood up against institutional investors in early 2021. After they tried to short stocks of GameStop and several other firms, amateur investors from Reddit started massively buying the shares in order to increase their price. They believed it was wrong for institutions to ruin good companies for their own profit, and they came to their rescue. Their move will now be immortalized through the new meme coin.