Though June looked bad for cryptos, things are looking different in the past few days. In fact, Bitcoin is currently trading above $6,700. It has bounced back from trading below $6,000 prompting that it has lost 70% of its highest value in December. But now, things are quite looking bright. In the past 24 hours, the crypto market increased by $11 billion. In just one day, Bitcoin was able to jump from $6,300 to $6,800.
If Bitcoin is able to go beyond $7,000, there is a chance that it can be another bull-run. However, there are those who think that a move towards mid-$6,000 is more likely than breaking beyond $7,000. And this is due to the low volume and momentum.
One Regulatory Decision Away to Reverse the Price
Since last December, Bitcoin along with other cryptocurrencies are in a bearish trend. However, it is true that all it takes is just one regulatory decision and things can go back up once again. For instance, it is a good thing that Bitcoin and Ethereum are now considered as commodities by the US Securities and Exchange Commission. In addition to this, there is a chance that an approval of having an exchange-traded fund (ETF) on Bitcoin can make a shift on the chart.
Bitcoin Cash with The Biggest Gain
Altcoins are looking good this weekend. And the biggest gain has been seen on Bitcoin Cash. Bitcoin Cash increased by 6.4% and landed at $770. As for the other cryptocurrencies, most cryptos experienced between 4% to 5% increase except Stellar that was only able to increase by 2.3%.
Aside from the increase in the market cap of cryptos, the trade volume remained stable at $12 billion. This could mean that there is a short-term bullish momentum that we can expect.
If you will ask the experts, many have a bullish forecast on cryptocurrencies. Though Tom Lee mentioned that he thinks that Bitcoin is going to reach $22K this year, $3K shy from his previous $25K prediction, it remains apparent that he thinks that Bitcoin is going to surpass its all-time high this year.
There are also those who are anticipating the entry of institutional investors into the picture. Institutional investors can bring serious money into the market. There are those who believe that this is an opportunity to buy and expand one’s crypto portfolio. Winklevoss Twins’ Gemini even hired an NYSE CIO into the company in order to prepare for the different products that are going to be offered by the company.
Winklevoss Twins also believe that Bitcoin is “gold 2.0” and even sees the cryptocurrency becoming a trillion-dollar asset in time.
Will we be seeing Bitcoin to go beyond $7,000 soon or will it be staying in mid-$6,000? The good news is that Bitcoin and other cryptocurrencies are bullish these days. And it may actually be because of the regulatory clarity that is happening in different parts of the world. Countries are making the necessary changes whether it is in Japan or in Europe. Recently, the European Parliament released a paper saying that banning cryptos is a bad move.