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Crypto community with 85% historical accuracy sets BTC price for June 30, 2023

Crypto community with 85% historical accuracy sets BTC price for June 30, 2023

In a thrilling turn of events, Bitcoin (BTC) has managed to stage a remarkable recovery in 2023 after a tumultuous ride the previous year. 

Despite enduring volatile swings and regulatory headwinds, Bitcoin has shown immense resilience and garnered renewed investor interest. 

However, more recently, the world’s most popular cryptocurrency witnessed notable selling pressure once again as intensifying regulatory heat, particularly the SEC’s legal actions against major exchanges like Binance and Coinbase, casts a shadow of uncertainty over the future of cryptocurrencies.

To gain fresh insights, Finbold tapped the crypto community over on CoinMarketCap on June 14, utilizing its popular price estimate solution with the BTC community having an impressive accuracy rate of 84.55% in predicting the digital assets performance over the past six months to gauge its price by the end of the month.

Now, the community predicts an average Bitcoin price for June 30, 2023, of $25,087, suggesting a 3.45% drop from the coin’s current price. 

CoinMarketCap community’s Bitcoin price prediction for June 30. Source: CoinMarketCap

The most recent prediction, for the end of May 2023, had an accuracy of 91.14%. 

CoinMarketCap community’s price estimation accuracy over the past 6 months. Source: CoinMarketCap

Bitcoin (BTC) price analysis

At the time of publication on Wednesday, June 14, BTC was changing hands at $25,952, down 0.78% on the day. 

Over the past week and month, BTC lost 2.6% and 5.3%, respectively, according to the latest price data. Notably, the leading crypto asset experienced a significant trading range in the past 30 days, from $25,586 to $28.253. 

BTC 1-month chart. Source: Finbold

However, despite the recent negative price action, pseudonymous crypto analyst Moustache, highlighted Bitcoin is currently trading above its exponential moving average (EMA) on 20 observed time patriots, indicating two bars in its Bollinger Band width percentile (BBWP). 

Bitcoin repeating the pattern that has led to significant bull runs historically. Source: Twitter: el_crypto_prof

The same chart pattern was spotted in 2016, the analyst noted, ahead of a “mega bull run,” which led to a price increase of 3,200%. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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