After falling below $18,000 on June 18, the price of Bitcoin (BTC) is trading at just over the $21,000 level. The 18-month low that was reached the week before last was projected by many experts to represent the bottom of the cycle; however, some analysts have cautioned that more volatility may be on the horizon.
Following the flagship digital assets, unprecedented crash interest in the keyword ‘Bitcoin’ hit a 12-month high with a peak popularity score of 100 on Google Search amid the heightened volatility, according to data acquired by Finbold.
With Bitcoin’s unpredictable price fluctuations, including an all-time high and substantial declines in the last year, interest has soared amid anticipation regarding the next price movement.
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Specifically, the crypto community on CoinMarketCap predicts that Bitcoin’s price will surge by 83.6% from its present level to trade at $39,002 by June 30, 2022. This prediction is based on the average of votes cast by 40,760 users.
The price projection is based on the average of the last six predictions provided by the crypto community, which has historically forecasted Bitcoin prices with an accuracy rate of 80.3%.
Bitcoin price analysis
After being caught in a bear run for the most of the month, the price of the world’s largest cryptocurrency is presently at $21,070, up 3.16% in the last 24 hours and down 3.97% across the previous week with a total market worth of $400 billion, according to CoinMarketCap data.
Despite the fact that the RSI had reached high levels of the oversold area, it has finally moved outside of that zone. This can be seen as a bullish sign, which indicates that the trend is moving in the direction of becoming bullish over time.
According to the number of assets being liquidated by institutional investors such as Three Arrows Capital and Celsius, as well as other entities, the possibly forthcoming short-term rally would most likely be initiated by retail traders.
The Bitcoin Fear & Greed Index also registered its lowest level of “extreme fear” due to the collapse in the cryptocurrency market, which caused the gauge to plummet.
Nevertheless, senior commodity strategist at Bloomberg Intelligence Mike McGlone opines that pre-pandemic deflationary circumstances will play out in the year’s second half. McGlone noted that Bitcoin, along with gold and U.S. treasury bonds, would emerge as the biggest beneficiary of this deflationary environment.
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