3 reasons why Bitcoin could reach $75,000 in June đ
As of dawn on June 1, the price of Bitcoin (BTC) is currently trading around 67,400 USD, down 2.5% in the past 24 hours due to the impact of the DMM Bitcoin exchange hack. However, June promises to be an exciting time in the Crypto market with many positive signals.
First, technical analysis signals show the possibility of Bitcoin reaching $75,000. The rising wedge pattern on the 4-hour frame from May 15 indicates that BTC price could increase by about 6,000 USD if it breaks through the falling trendline, which means BTC could reach 74,000 - 75,000 USD in June.
Second, inflows into Spot BTC ETF funds are positive. Although long-term Bitcoin investors sold a significant amount of BTC in early March, inflows into Spot BTC ETFs increased sharply in May, with net inflows reaching $242 million per day, indicating demand. Purchasing demand is increasing.
Finally, the potential approval of the Spot ETH ETF in June could give great confidence to the Crypto market. The successful launch of ETH ETFs will strengthen investor confidence and combined with technical factors and on-chain data, Bitcoin could reach $75,000 by the end of June.
