Bitcoin Monthly Forecast – June 2018

The BTC market has been having a comparatively slow time over the last few weeks during the month of May but it has to be remembered that for the BTC market, even a movement of 25% over the course of a month is considered as low volatility. The BTC market has a tendency to move anywhere between 5% to 10% during the course of a single day and hence even moves of 25% over a month look to be very slow and steady as far as this market is concerned and this is what we saw last month.

BTC Prices Move Lower

During the month of April, we had seen the prices drop towards the mid-6000s region and at that point of time, we had mentioned in our forecasts that this could be one of the low points for the short term and that there was a possibility that the prices could rise higher from there and move towards the $10,000 region and thats what happened towards the end of April and also the beginning of May as well. We saw that the prices came very close to the $10,000 region during the first week of May but there, it was met with a lot of selling which pushed the prices back below towards the end of the month.

From the highs of the month close to the $10000 region, we saw that the prices fell back towards the $7000 region to close the month and this has led to concerns and doubts on whom is in control of the market at this point of time. There seems to be a strong tussle between the bulls and the bears for control and for now, the bears seem to be having the upper hand. But those who are looking to go long in the market should not lose hope as the month of May and June have tended to be pretty slow historically. Of course, there is not much history to go by as far as this market is concerned but compared to what we saw last year, we saw that the second quarter of the year has been generally slow and steady and it is only during the second half of the year that we have seen the prices push along higher. This is what the bulls would be hoping for as well.

BTC Prices Expected to Consolidate

Looking ahead to the month of June, we believe that the consolidation and ranging is likely to continue with the $6600 region on the downside and the $10,000 region on the upside serving as the lower and the upper levels of the range. There has been talk of the market maturing in the coming days and on the fundamental side, that is only going to help the investors. We have been seeing some big names like Nasdaq and Goldman entering or planning to enter the crypto markets in the short to medium term and that is only going to add value to the markets during this period. It is also a confirmation that this market is here to stay and the fears from last year, when many thought that the market would be put down by the large investors, is a thing of the past and this should only give more and more confidence to the investors in the long run.

Technically also, we believe that the prices are now near a bottom and hence the investors and the market would only do well to focus on going long in this market in the coming month. There has been a lot of times when there has been a slip between the cup and the lip and so it is important for the traders tp be wise and watch the price action before entering and also ensure that they have their stop losses in the right places in the times going ahead.