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It has now been around 10 days since Bitcoin interrupted its series of price drops, replacing them with a new bull run. A series of price surges has taken the asset to $31k as of late Friday, June 23rd. The coin reached a high point of $31,389 before correcting back to a support at $30,500.
After that, this support managed to hold BTC from going further down throughout the weekend.
The price made several attempts to go back to $31k, although only one of them was successful. Even so, the price was rejected as soon as the coin reached this height.
With Monday arriving, Bitcoin broke the support level at $30.5k, sinking to $30.1k, which has served as a support ever since. The coin’s new resistance ended up being at $30,550, while the price at the time of writing sits at $30,325.
Some experts have suggested that Bitcoin has hit the roof by climbing to the $30k-$31k region and that the price action has stalled as a result.
The buyers are slowly losing their grip on the price, which is opening up an opportunity for the sellers to take over.
However, the same analysts claim that this is unlikely to happen in the short term, as the bulls still have some strength. If the price doesn’t drop below $29,500, the bulls can still maintain that control.
As a result, the price could yet go up to $32k, but possibly not higher than that.
Another analyst suggested that Bitcoin could even climb to $50k per coin at some point in the near future. While this would still be far below the coin’s all-time high, it would also mark the highest price in the last two years.
The most optimistic analysts and investors are questioning whether Bitcoin can realistically hit $100,000. While some argue that this is also possible, others believe that it is still too early for that.
Investors sound the world are sure that it will likely happen eventually. However, many believe that it will happen anywhere between 6 and 12 months after the next halving, which is expected in 2024.
Two reasons why Bitcoin could grow
According to recent Greed and Fear Index data, Bitcoin has scored 55, suggesting that the market sentiment is favoring Greed, although it is very slightly above neutral.
Glassnode believes that Bitcoin is still in the transition period, still trying to leave the bear market that controlled the industry throughout 2022 and re-enter the bullish part of the cycle.
Transition periods tend to see prices bounded between the Realized Price 🟠, and the Realized Price + 0.5 standard deviation band 🔵. Since setting each cycle low, the following proportion of trading days have been between these boundaries:
2012-13 Cycle = 79%
2015-17 Cycle =… pic.twitter.com/0Pq7lMNLZK— glassnode (@glassnode) June 24, 2023
Further, the company said that there was a continuous decrease in the amount of BTC held on exchanges, which could also boost the price due to limited supply and still high demand.
Bitcoin ETFs still fueling surge
The entire bull run started when BlackRock, followed by several other firms, submitted a Bitcoin spot ETF filing with the US SEC earlier this month.
Since then, Bitcoin ETFs have been popping up around the world, the latest one emerging in Hong Kong. In fact, recent reports said that HSBC became the first bank to launch Bitcoin and Ethereum ETF trading in Hong Kong.
Despite Ethereum’s involvement, the coin was unable to follow BTC in the current rally.
Many believe that its hazy status with the SEC has left many concerned about the coin’s future and its short-term price. However, Bitcoin is considered to be the only asset that is safe from the regulator, and its price reflects that sentiment.
Wall Street Memes hits $10.5 million raised
While Bitcoin is struggling to go beyond $31k, a different asset is breaking all expectations.
A new meme coin called Wall Street Memes (WSM) has just crossed $10.5 million in raised assets during its extremely successful presale.
The token, inspired by a subreddit called WallStreetBets, is still selling its token, WSM, at a price of $0.0304 per unit.
The presale is a little under four days away from entering the next stage, when the price will go up to $0.0307.
Anyone interested can purchase the token with ETH, USDT, or via credit or debit card.
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