Crypto exchange CEO predicts a Bitcoin price of $40,000 in June this year

Bitcoin price is hovering around $16,860 at the time of writing after briefly trading above $16,900 on two occasions last night and this morning. The largest cryptocurrency by market capitalization seems to want to move up a bit, but there is not really enough strength behind it yet, so the steps are relatively small. Altcoins were also generally higher. More on that later.

Erik Voorhees, CEO of crypto exchange ShapeShift, has predicted that Bitcoin could make a stunning rally to $40,000 in June this year. But his prediction was immediately undermined by other analysts who declared that there was nothing to support such a price increase. Especially as risky assets continue to struggle due to the difficult economic situation. More on that later.

The Bitcoin community celebrated “Genesis Day” yesterday. It was on January 3, 2009 that the first Bitcoin block was created by Satoshi Nakamoto. It has been 14 years since this important event took place. The crypto market has an unusual tradition of sending crypto to the public address that started it all as a tribute to the incredible start of this multi-billion dollar industry. Others also sent their regards on social media platforms. In the history of Bitcoin, two days are the most important. It’s Bitcoin Genesis Day and Bitcoin Whitepaper Day on October 31st. Both parts are important because one laid the foundation and theory behind the network, and the other marked the actual start and the first real Bitcoin.

Bitcoin price slightly higher at $16.8k

Bitcoin is currently changing hands at around $16.86k at the time of writing. The cryptocurrency has continued the slow, sideways trading trend of late 2022 into the new year, but appears to be slowly climbing higher.

The last 36 hours started with BTC trading around $16.7k. It traded sideways around this valuation for most of the rest of the day with very little movement in price. The cryptocurrency ventured below the $16.7k level briefly in between, but the price move was short-lived each time. But around midnight, the cryptocurrency began to rise, briefly reaching $16.9k. It then fell back a bit, but at 8:00 this morning it hit $16.9k again before falling back slightly to its current level of $18.86k. However, Bitcoin price volatility remains historically low.

Bitcoin is on a slow trading curve that has dominated the crypto market for the last month or so. The cryptocurrency has had record low volatility during this period. But while the current rate seems to leave very little room for price action, it could result in some truly brutal price action. In the crypto market, a long period of low volatility often results in a huge price explosion that can go either way. Current conditions favor the bears and that is where the market is expected to head for the foreseeable future. However, the bulls may make a small comeback if conditions allow, as the bear market has already shown a huge decline of 76% from its November 2021 high of $69,000.

Bitcoin’s total market capitalization was around $320 billion and its share of the crypto market was 41.95%.

Bitcoin price chart

Altcoins slightly higher

Altcoin prices have generally increased over the past 36 hours. Big moves were seen in Ripple (XRP, 0.7%), Cardano (ADA, 4.7%), Dogecoin (DOGE, 0.7%), Avalanche (AVAX, 5%), Solana (SOL, 16, 4 %) and Cosmos (ATOM). 0.6%). Solana has performed well in recent days after its price dropped sharply in value in the last quarter of 2022. Now the bulls are trying to make a comeback, but it will be difficult to do so on a consistent basis in the midst of an economic downturn.

Solana price chart

Exchange CEO predicts a BTC price of $40,000 in June 2023

Erik Voorhes, CEO of crypto exchange Shapeshift, believes that Bitcoin could quickly recover to around $40,000 as early as June this year. This means that the digital currency should see a price increase of as much as 150% in the coming months.

However, the forecast was immediately criticized by analysts who believe that there is nothing to support such a strong price increase. But even in a bear market, Bitcoin can see a lot of upward price movement.

During the 2018-2020 bear market, the Bitcoin price fluctuated widely between $3k-$12k. That is a 400% price action if someone bought the cryptocurrency for around $3k and sold it again for $12k. However, conditions are far less ideal for this today as the entire economy is flat, which was not the case in 2018-2020. The technology sector was booming and even then we had a huge bear market. Most analysts believe that the Bitcoin price will fall even further before showing any recovery in the near future.

Bitvavo banner 1

Leave a Comment