Bitcoin Price Prediction June 2024- Will Bitcoin Price Crash?

Over the past weekend, the cryptocurrency market displayed growth. Bitcoin's value increased by an additional 2.56%, settling at $70,000. The altcoin market also saw increased selling, leading to corrections of 4-10% among the top ten altcoins. Will Bitcoin's price drop further in June? Let's explore this Bitcoin price prediction June 2024 article in more detail.

How has the Bitcoin price moved recently?

Bitcoin's current price stands at $69,428, with a 24-hour trading volume of $103.61 billion, a market cap of $1.37 trillion, and a market dominance of 53.20%. In the past 24 hours, BTC's price has dropped by 2.45%.

The peak price for Bitcoin was reached on March 14, 2024, at $73,628, while its all-time low was $0.05 on July 17, 2010. Since its record high, the lowest price Bitcoin hit was $56,721, and the highest post-cycle low was $71,968. Currently, the sentiment around Bitcoin's price prediction is bullish, and the Fear & Greed Index indicates a score of 72, reflecting a state of greed.

Bitcoin's circulating supply is 19.70 million BTC out of a maximum of 21.00 million BTC. The annual supply inflation rate is 1.61%, with 311,981 BTC generated over the past year.

Why is Bitcoin Falling?

Data from the Bureau of Labor Statistics reveals that the U.S. added 272,000 jobs in May, an increase from the 175,000 jobs added the month before. However, the unemployment rate jumped to 4%, higher than both the previous month's rate and the anticipated 3.9%.

In contrast, U.S. hourly wages saw a 0.4% increase in May, up from the 0.2% rise in the previous month. Investors closely watched these employment figures for insights into the Federal Reserve's potential interest rate cuts.

Nonetheless, analysts believe that stronger-than-expected non-farm job growth could reduce the chances of the Fed adopting a more dovish approach to rate cuts. This robust job data may dampen market sentiment, though the higher unemployment rate tells a different story.

Typically, an increased unemployment rate paired with weaker non-farm payroll numbers tends to boost market optimism.

Will BTC Price Rise again?

Based on recent performance and market indicators, the outlook for Bitcoin (BTC) appears promising. Over the past year, Bitcoin's price has surged by 163%, outperforming 61% of the top 100 cryptocurrencies, including Ethereum. Trading above the 200-day simple moving average, Bitcoin has shown consistent strength, with 15 positive trading days in the last 30 days, marking a 50% success rate. 

Additionally, BTC is trading near its cycle high, indicating good upward momentum. The yearly inflation rate of 1.61% suggests a controlled and steady increase in supply, while its high liquidity, backed by a substantial market cap, further solidifies its position as a reliable asset. Given these factors, it is likely that Bitcoin's price will continue to rise, barring any significant market disruptions or regulatory changes.

How High Will Bitcoin Reach?

Analyzing the current trends and market indicators, Bitcoin's price has a strong potential for significant growth by June 2024. Currently priced at $69,428, Bitcoin has seen a remarkable 163% increase over the past year, outperforming 61% of the top 100 cryptocurrencies, including Ethereum. 

Trading consistently above the 200-day simple moving average and maintaining 15 positive trading days in the last 30 days, Bitcoin is exhibiting robust market strength. Additionally, its trading proximity to its cycle high and a low yearly inflation rate of 1.61% suggest a controlled and sustainable growth trajectory. Coupled with high liquidity supported by its substantial market cap, these factors point towards a favorable environment for further price increases. If these trends continue and no major disruptions occur, Bitcoin could potentially reach the $80,000 to $85,000 range in the next few months.

How to Buy Bitcoin (BTC)?

Purchasing BTC is simple and can be done on various cryptocurrency exchanges. Here's a step-by-step guide to get you started:

1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports BTC, such as Bitget.
2. Create an Account: Register for an account on the chosen exchange. You will need to verify your identity by providing personal information and necessary documents.
3. Deposit Funds: Add funds to your account. Most exchanges accept deposits in fiat currencies (like USD or EUR) or other cryptocurrencies.
4. Buy Bitcoin: Go to the trading section of the exchange, find the BTC trading pair (e.g., BTC/USD), and place your buy order. You can either buy at the current market price or set a limit order at your desired price.
5. Secure Your Bitcoin: After purchasing, transfer your BTC to a secure wallet.

Where to Buy Bitcoin?

For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.