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Bitcoin (BTC) Price Prediction and Analysis in June 2020

We will be looking at the BTC price history and market predictions in order to try and formulate a Bitcoin price prediction for June 2020.

Bitcoin Overview

Bitcoin is the number one crypto according to a market cap of $179,549,652,875 and a trading price of $9,767.97. There are currently 18,381,475 BTC in circulation out of a total of 18,381,475 BTC. $34,814,284,029 worth of Bitcoins has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

Bitcoin started May at a price of $8,600, and in the first week of the month, Bitcoin worked mostly towards getting past the $9,000 resistance level. On May 6th, BTC rallied up to $9.411,47, closing at $9.268,76. The next day, Bitcoin saw another bullish run, reaching $9.992,66, but going back down to $9.951,52. Another push towards $10,000 was made on May 8th, with the coin once again touching $9.996,74.

BTC USDT 1-hour chart

The following two days, Bitcoin experienced some sharp losses, as on May 10th, one day before its halving, BTC went below the new support level of $9,000, reaching a low of $8.395,11.

After the Bitcoin Block Halving, BTC traded mostly between $8,600 and $8,700, briefly touching the $9,000 resistance level. On May 12th, Bitcoin traded under the $9,000 level, and on May 13th, the coin rallied up toward the end of the day to close at $9,300.

The bullish momentum continued the following day, with the coin rallying up to close at a price of $9.733,72.

Investors are still waiting for Bitcoin to get past the $10,000 critical resistance. The coin is still at the support level of $9,500, with BTC having chances to get to higher resistance levels and ultimately make the leap for $10,000.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

  • Resistance Level (R3): 10454.42
  • Resistance Level (R2): 10119.15
  • Resistance Level (R1): 9926.437
  • Pivot Point: 9591.173
  • Support Level (S1): 9398.457
  • Support Level (S2): 9063.193
  • Support Level (S3): 8870.477

Developments

Bitcoin halving

One of the biggest events in the history of Bitcoin has taken place on May 11th; the third halving. The protocol of Bitcoin is scheduled to reduce the supply by 50% approximately once every four years to manage the issuing of new Bitcoins.

The event reduced the mining rewards from 12.5 Bitcoin per block to 6.25 units. The halving occurred at the 630,000th block, and the first block from the new batch of 6.25-Bitcoin-per-was mined by Antpool, the fourth-largest mining pool according to total computing power.

The last block prior the halving was mined by f2pool, with the pool embedding in the 629,999th block (the last before the halving) a message in the transaction data which references the current financial crisis: “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue”, as an homage to Satoshi Nakamoto’s message in the first block of Bitcoin in 2009.

The mining difficulty adjustment reached a new high of 121 exahashes per second (EH/s) seven days before the event, surpassing the past record of 118 EH/s, according to PoolIn data.

Another interesting thing that was noticed was that mining pools appeared to be holding their cryptocurrency. Korean analytics, CryptoQuant, provided charts and data, which showed that mining pools aren’t sending to convert their coins on exchanges as quickly as before.

Chinese mining pool F2Pool, for example, which produces 17.1% of the Bitcoin blockchain’s total computing power, experienced an outflow of 139 Bitcoins on Wednesday, which is the lowest sum that left the pool in six months. Out of these 139 BTC, only 29 were sent to cryptocurrency exchanges, the fewest sent in the last year.

Bitcoin Price Prediction: Market Opinion for June 2020

A number of crypto forecasting sites made their own Bitcoin price prediction for June 2020. We have included some of these forecasts below in order to deliver a more comprehensive market sentiment concerning the future development of BTC.

Longforecast

Longforecast forecasted that BTC will have a trading price of $10797 at the start of June. They also estimated that the maximum price of the coin for this month would reach $14996, while the minimum price will be around $9934. The monthly average was estimated at a price of $11908. The closing price was calculated to be around $11903, change for June 10.2%.

Digitalcoinprice

Digitalcoinprice‘s Bitcoin price prediction sees the coin reaching a price of $22,027.22 in June, which means an increase of 131.06%.

Tradingbeasts

Tradingbeasts anticipated that Bitcoin would debut in June at a price of $8,386.793. The maximum price for the month placed the coin at $ 0,462.037, while the minimum price was calculated at $7,114.185. Bitcoin was projected to close June at a value of $8,369.630, with a change of -12.20%.

Coinpredictor

Coinpredictor forecasted that Bitcoin will experience a decree of -22.6% in June, meaning that the coin will be trading at $7,137.53.

Gov.capital

Gov.capital estimated that Bitcoin’s trading price for June 1st will be $9785.932, with a maximum price of $11253.8218 and a minimum price of $8318.0422. Below are the rest of the predictions for all the days in June.

Calendar dateRegularLeast possible priceBest possible price
2020 June
2020 June 01, Monday 9785.932 8318.0422 11253.8218
2020 June 02, Tuesday 9897.741 8413.07985 11382.40215
2020 June 03, Wednesday 9931.350 8441.6475 11421.0525
2020 June 04, Thursday 9680.084 8228.0714 11132.0966
2020 June 05, Friday 9648.612 8201.3202 11095.9038
2020 June 06, Saturday 9807.682 8336.5297 11278.8343
2020 June 07, Sunday 9856.511 8378.03435 11334.98765
2020 June 08, Monday 9834.266 8359.1261 11309.4059
2020 June 09, Tuesday 9831.661 8356.91185 11306.41015
2020 June 10, Wednesday 9702.995 8247.54575 11158.44425
2020 June 11, Thursday 9603.976 8163.3796 11044.5724
2020 June 12, Friday 9614.243 8172.10655 11056.37945
2020 June 13, Saturday 9567.574 8132.4379 11002.7101
2020 June 14, Sunday 9590.845 8152.21825 11029.47175
2020 June 15, Monday 9648.072 8200.8612 11095.2828
2020 June 16, Tuesday 9803.408 8332.8968 11273.9192
2020 June 17, Wednesday 9911.164 8424.4894 11397.8386
2020 June 18, Thursday 9901.853 8416.57505 11387.13095
2020 June 19, Friday 9962.626 8468.2321 11457.0199
2020 June 20, Saturday 10096.00 8581.6 11610.4
2020 June 21, Sunday 10235.75 8700.3875 11771.1125
2020 June 22, Monday 10430.19 8865.6615 11994.7185
2020 June 23, Tuesday 10403.73 8843.1705 11964.2895
2020 June 24, Wednesday 10380.55 8823.4675 11937.6325
2020 June 25, Thursday 10551.94 8969.149 12134.731
2020 June 26, Friday 10970.20 9324.67 12615.73
2020 June 27, Saturday 10707.04 9100.984 12313.096
2020 June 28, Sunday 10648.67 9051.3695 12245.9705
2020 June 29, Monday 10676.66 9075.161 12278.159
2020 June 30, Tuesday 10743.05 9131.5925 12354.5075

Cryptorating

Cryptorating’s Bitcoin price prediction for June expects the coin to increase with 43.78%, which would place BTC around $13 790.55.

Cryptoground

Cryptoground projects that BTC will reach in June a price of $9,736.8819, signifying an increase of 2.62%.

30rates

30rates made predictions for the first 18 days of April, along with the minimum and maximum values of each particular day.

06/01Monday$10015$11523$10769
06/02Tuesday$9934$11430$10682
06/03Wednesday$10104$11626$10865
06/04Thursday$10326$11880$11103
06/05Friday$10156$11684$10920
06/08Monday$11490$13220$12355
06/09Tuesday$11453$13177$12315
06/10Wednesday$11582$13326$12454
06/11Thursday$11819$13599$12709
06/12Friday$11878$13666$12772
06/15Monday$11911$13705$12808
06/16Tuesday$12504$14386$13445
06/17Wednesday$13009$14967$13988
06/18Thursday$13034$14996$14015

Bitcoin Price Prediction: Verdict

With this, we have reached the end of our Bitcoin price prediction for June 2020. From the data and predictions we have analyzed, the market sentiment is largely positive for Bitcoin.

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