For investors, the volatility in May was exasperating. The counterfeit coins have worn out a lot during this process
For investors, the volatility in May was exasperating. The counterfeit coins have worn out a lot during this process. Some even fell below January's lows. Although Bitcoin remains relatively strong, the losses suffered by counterfeit coins have disappointed investors who are looking for further gains. Although the impact of sales in the first week of May has weakened, what are the expectations for June?
Bitcoin June Forecast
June 1st is a good day, and issues such as Hong Kong and the debt ceiling should attract investors. At present, no one is buying it, which doesn't seem like a good thing. After four consecutive months of gains, Bitcoin is expected to close down by about 7% in May. On May 27th, it is also worth noting that Bitcoin's 30-day volatility has dropped to 1.52%, far below the annual average of 4% or more.
Glassnode analyst James Check predicts that Bitcoin will rise to $32000, which is the "actual cost basis". After experiencing this narrow period of volatility, it is not surprising to see a true bullish trend.
In the short term, Bitcoin prices need to close above $27.273. On the positive side, bulls will need to cross the downward trend line to signal the beginning of a new upward trend. The currency pair may reach $30000, then $31000. However, the closing price was below the 20-day moving average, as is currently the case, weakening this expectation.
Ethereum June Evaluation and Prediction
The bulls are working hard to maintain Ethereum (ETH) above the 50 day moving average ($1.883). This indicates a lack of higher-level needs. Short sellers are trying to push prices back into a downward wedge and trap aggressive bulls. If this happens, the ETH/USDT currency pair may continue to move towards the bottom of $1762 and deeper.
However, if the price breaks the wedge resistance line and the psychological resistance of $2000 can be overcome, the target is $2142.
Will the developments experienced in the next few hours ignite the wick of the aforementioned upward scenario? Currently, investors will closely monitor the 03:30 debt ceiling bill vote and news from Hong Kong.
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