Bitcoin Price Prediction as the Coin’s Price Skyrockets from $30.4k to $30.6k

Updated: 27 June 2023

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The Bitcoin (BTC) price is skyrocketing back toward $31k at the time of writing, despite yesterday’s drop.

Over the last 24 hours, the coin has reached a resistance level at $30.6k, only for its price to get rejected and drop back to a support at $30k. The support was strong, and the coin managed to bounce back up, meeting a resistance at $30.4k on early Tuesday.

The resistance pushed the price down to a support at $30,250, from where it bounced back up again, reaching $30.4k for the second time on June 27th. The same resistance then rejected the price for the second time, and initially, it seemed like BTC will once again seek the support at $30,250, but this did not happen.

After dropping to $30,350, the coin suddenly shot up in a sharp, rapid surge that took it to $30,633 at the time of writing.

Whether or not it will manage to climb to $31k remains to be seen. However, another price drop is also possible if the surge loses its momentum, as such sharp increases typically do not last for long, and the price rarely stays at the top.

Analysts have noted that Bitcoin managed to go high, although it is facing strong resistances. Furthermore, its volume still remains surprisingly low.

They added that the most likely path right now seems to be a retest of $31k, or at least a solid try at one.

After that, it will see a retest of 4h Fib level. The coin could push through $31k too, if momentum picks up, although there is a lot of resistance above.

Another analyst shared their own prediction, noting that BTC might skyrocket to $31.2k before a sharp correction takes it back down.

As for how deep down, the expert believes that the price will target $29.5k initially, followed by a further drop to $28.5k.

Still, they stressed that this is only a possibility and that they maintain a bullish stance. The price is expected to recover, even if a correction takes place.

Bitcoin ETF might be approved, says Circle’s Jeremy Allaire

Before Bitcoin started surging over the past week and a half, the coin saw a long series of price drops which got disrupted after BlackRock filed a Bitcoin ETF with the US SEC.

This move was followed by several other firms doing the same immediately, sending Bitcoin’s price further and further up.

While it is all still speculation, some respected personalities in the crypto space have shared their views, noting that BTC ETF might get approval, after a decade of constant rejections.

The speculation came from Jeremy Allaire, the co-founder and CEO of Circle. He noted that the SEC’s past concerns regarding a BTC ETF have been addressed, and there is nothing in its way now.

Of course, the SEC might disagree, but for now, Allaire says that all flaws of past ETF applications and products have been fixed in this new wave.

Riot Platforms will add 33k new Bitcoin miners prior to next year’s halving

One strongly anticipated development is Bitcoin halving, scheduled to take place in mid-2024. The exact date is still subject to change, but the entire crypto community anticipates it, expecting a price surge to follow and trigger a massive new bull run.

In preparation for it, one of the world’s largest Bitcoin mining companies, Riot Platforms, decided to buy 33,280 new next-gen Bitcoin miners for its facility in Texas.

The rigs ended up costing the company $162.9 million, and they were sourced from a mining manufacturer, MicroBT.

Riot Purchases 7.6 EH/s of Next Generation Miners from MicroBT, Manufactured in the United States.

Read more in today’s press release: https://t.co/esLToy798H

— Riot Platforms, Inc. (@RiotPlatforms) June 26, 2023

With them, the firm boosted its mining capacity by 7.6 exahashes per second (EH/s).

Wall Street Memes presale is inching closer to $11 million raised

Not all eyes in the crypto industry are on Bitcoin these days, as a new meme coin called Wall Street Memes (WSM) managed to capture a portion of the attention and a sizable amount of money.

The project is still in its presale at the time of writing, and it managed to raise over $10.7 million. In the current phase, the price per token sits at $0.0304, which is coming closer to $11 million raised.

The current stage will last for a little under three more days, when the price will increase once again, this time to $0.0307. The WSM token can be purchased with ETH, USDT, and credit/debit cards.

It emerged as a way of remembering the incident in early 2021 when a group of amateur investors from a subreddit called WallStreetBets stood up against institutional investors, who were shorting the stakes of GameStop and several other firms.

Redditors started massively purchasing the shares of targeted companies, saving them from financial ruin in the process, and causing institutions to lose money.

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