Bitcoin has been on the rise in the past few months. Though you may argue that there’s the intervention of whales on its movements in recent months, it is imperative to note that Bitcoin is now back in $8K range after momentarily dropping to around $7,432 on June 4.
If you are after the best time to invest in Bitcoin, you want to take a closer look at its trends. May has been considered as the best month of the year to invest in BTC. If you will look at the 5-year average trailing percentage for Bitcoin during May, it increases by 21.03% on an average during this time of the year. It has a high of more than 70% and a low of 18.73%.
So how about June? If you will take a closer look at the same data, and check the last five years, you wil see that June for Bitcoin increased on an average of 25.98%. It only means that there is a chance that Bitcoin is heading towards 10K for this month.
According to Dr. Zafar who works for Bithercash, “The difficult time for Bitcoin have passed”. Now, he might be correct with this one.
Developments in the Crypto Market
If you will look at the developments that may have contributed significantly to Bitcoin’s price movement, you have Facebook’s plan to explore the world of blockchain as a major reason why Bitcoin’s price is up. Though it isn’t using Bitcoin, it could mean improved adoption.
Another reason to go after Bitcoin this month is the fact that Facebook’s cryptocurrency, GlobalCoin is going to be revealed this month. The aim is to process transactions using social media.
According to Jon Crowcraft who is a professor at the University of Cambridge, mentioned that “Facebook is turning into Silk Road 3.0”. Now, there are questions such as how big can this actually get? Not only does it hold data, it now has a cryptocurrency. It only means that there is a chance that Bitcoin could actually continue going up.
There is a reason why you should celebrate in case Bitcoin is on its path to recovery these days. In 2017, when Bitcoin was almost able to reach $20K, it was mainly due to the ICOs. Now, regulators are running after ICOs. In addition to this, there were regulatory changes that have been applied to lessen the Wild West nature of the crypto market.
Now, there is even a bill that plans to answer whether or not cryptocurrencies can be considered a security or a commodity. Also, there is an IRS guideline that will clarify the tax treatment of cryptocurrencies.
Could all of these things also lead to the entry of institutional investors? After 2017, many were anticipating the entry of institutional investors. Unfortunately, this didn’t happen at all. Many were still hesitating due to the lack of rules and regulations in the niche.
If you are going to consider the recent developments in the niche, it is possible that the month of June is actually a good month for Bitcoin. Could it be possible for Bitcoin to reach 10K this month?