In June, Bitcoin dropped below $62,607. We consider why this happened and what expert analysis suggests will happen in the future.
One of the biggest factors behind June’s Bitcoin drop is a major sell-off by miners. Experts suggest this is not unusual following a halving event, and prices do not usually suffer in the long term.
However, there is no doubt that the sale of more than 30,000 BTC, most of which took place on exchanges, has increased selling pressure and caused prices to drop. The impact has been worsened by a lack of Bitcoin investment, which has increased selling pressure.
The Federal Reserve (FED) in the US has also recently reduced liquidity. This activity can negatively impact Bitcoin and other high-risk assets. In addition, a bearish attitude, evidenced by a decline in the IFP indicator, further negatively impacted the price of Bitcoin.
Finally, records suggest that Bitcoin tends to reach its lowest point in June. For example, in June 2022, it dropped to a value of $19,000, and in June 2023, it dropped to a value of $24,700. Following the trends of previous years and what happened afterward, many experts expect Bitcoin to rebound significantly.
Major industries that embrace Bitcoin hope this will be the case. Operators in these industries include major brands like Microsoft. Overall, thousands of businesses accept payments using Bitcoin across sectors such as tourism, entertainment, and gaming. In the gaming sector, you will see from this list that Bitcoin is especially significant at crypto casinos, where around 73% of all crypto-gambling transactions are conducted using Bitcoin, compared with the next most popular choice, Ethereum, at 9.9%.
Growing industries like crypto casinos are following expert predictions about Bitcoin’s anticipated behavior throughout 2024 and beyond. Numerous factors will help dictate what happens, including potential increased institutional adoption, the effects of the halving event, and regulatory changes that may have a positive or negative impact.
Each of these factors could impact experts’ predictions. However, participants in the Bitcoin market will still be interested in what the experts believe will happen throughout the rest of 2024 and into 2025.
In July, Bitcoin is expected to rally, although bears will make efforts to restrict this, with bulls defending the upward trend. The price should resolve at around $63,500 to $64,200. This price is likely to remain stable through August as buying pressure decreases.
Although prices may recover slightly, selling pressure is predicted to rise in September, which could result in prices below $65,000 early in the month. The bearish influence is likely to continue throughout the month, although there is potential for a slight recovery to around $68,900 to $69,200 as October approaches.
In the final quarter of 2024, historical data on the performance of Bitcoin is likely to increase optimism. This optimism could increase liquidity in the market and force the price of Bitcoin upwards. The price may reach $70,800 and $72,200 as traders are attracted by increased volume.
Moving further through the quarter, price highs of $74,200 could lead to bearish activity, reducing prices to around $71,500 to $73,500. This drop will likely be short-term as bullish volumes eventually boost buying pressure and push prices back to around the $75,000 mark.
Bitcoin’s positive pricing will likely continue towards the end of the year, as December historically sees a bullish Bitcoin market. High Bitcoin liquidity levels could push prices to $80,000, attracting new traders and further liquidity. The market will potentially become highly bullish and push prices up to around $82,000.
Experts predict that the positivity will continue into 2025 and that momentum will see the price rise to $85,000 with very little bear sentiment. Moving forward to the end of quarter two of 2025, bearish activity will remain low, and Bitcoin prices could reach a high of $100,000.
Further predictions suggest that additional liquidity will propel prices to higher levels of $110,000 to $115,000 in quarter three of 2025. As next year approaches its end, there could be a slight reduction in the price of Bitcoin caused by bears taking profits. If this happens, prices will likely hover between $105,000 and $108,000.
The recent plunge in Bitcoin prices may be disconcerting for industries that have embraced its use and for crypto investors. However, it’s only part of the story. June is historically a poor month for the performance of Bitcoin, and experts predict that prices will recover as they have done previously.
Bitcoin prices will continue to fluctuate throughout 2024, but there is a general sense of optimism about rising prices, especially in 2025. There is no guarantee that this optimism will prove to be correct. However, it’s supported by the historic performance of Bitcoin, and if it’s accurate, we could see record Bitcoin prices as we progress through 2025.
and then