Small Bitcoin Gains Could Mean a Bullish Trend Is Incoming
Bitcoin is climbing slightly today and could hit a new all-time high before the week is over, if its upward momentum continues.
Quick overview
- Bitcoin (BTC) has gained 1.20% over the last 24 hours, indicating a potential start of a bull run.
- Currently valued at $105,974, Bitcoin is recovering from a recent dip and could reach new record highs if market conditions improve.
- Regulatory pressures from Singapore and the U.S. are creating opposing forces on Bitcoin's market, influencing both buying and selling activities.
- Analysts predict Bitcoin could reach $150K by the end of the year, though a $200K valuation by 2025 seems less likely.
Live BTC/USD Chart
Bitcoin (BTC) dipped over the weekend but is starting to climb back toward its record high as it gained 1.20% over the last 24 hours, and that may indicate the start of a bull run.
Now valued at $105,974 (BTC/USD), Bitcoin is gaining back some of its lost ground and could be revving up for some quick upward action. The coin has been buoyed by improved market conditions, with the stock market rising early this week.
The leading digital token is still down 3.10% from its previous high, but it could easily regain that if the market continues to rise this week. A new record high for Bitcoin would mean greater market interest, especially from the mainstream, as well as increased investor confidence. Bitcoin was entering a dangerous zone on Monday as it dropped to just above $104K. If it had continued to drop, investors might have been pulling out in droves, but we are seeing a cautious trade volume increase of 1.01% over the last day.
Bitcoin Price Prediction
There is pressure coming from two opposing sides on Bitcoin right now, with the Singapore government requiring all crypto sellers to be licensed by June 30th or be blocked from selling. As that move is creating selling pressure, the United States government is advancing legislation that will better regulate the stablecoin market and cause it to “explode”, as one Senator put it. That action has created tremendous buying pressure that started in late May and is continuing to help keep Bitcoin’s value high.
We expect Bitcoin investors to take full advantage of the turnaround this week and for several whales to strengthen their position. We could see Bitcoin set a new record this week, and it is probable that the coin could achieve a value of $150K by the end of the year. A price of $200K by the end of 2025 is far less likely, as Bitcoin has only been able to move its all-time high price once for the year so far.
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