Bitcoin lost almost 5% in May, implying that the leader of digital currencies continues without showing a sustained upward trend since March, when it earned 15% after the fall of Silicon Valley Bank. However, analysts say that June could be a month of recovery, What are the factors that will influence its price and how far will it go?
Iñaki Apezteguia, co-founder of Crossing Capital, told Ámbito which is expected by june a crypto market rally for many reasons. “All the signs indicate that this increase in the debt ceiling is being approved, which would represent an increase of US$4,000 million in debt by 2025 and a cut in expenses of US$50,000 million, this would imply increased money printing and liquidity that would be, in part, intended for the crypto world that has positioned itself like Bitcoin as a store of value,” he said.
Thus, according to Apezteguia, projections would indicate a price close to US$35,000 during June.
Another important event that stood out has to do with the start of operations in Hong Kong where many exchanges are applying for licenses to operate. “This would be driven more than anything by the return of China to the forefront of crypto at a global level, which has also been injecting a lot of liquidity into its economy for a few months and this could be having a very strong impact on the crypto world,” he added.
For his part, Sergio Morales, founder of www.cryptocity.pressHe said: “In general terms, The most relevant thing this month for the crypto space is the increase in regulatory risk. It should be remembered that the new Crypto-asset Market regulations (MiCA) recently became law, bringing the block of the European Union closer to becoming the first important jurisdiction in the world with specific legislation on the matter, and this brought with it greater volatility in the face of the crypto community, which for the most part has always been reluctant to state regulation”.
In turn, Morales remarked that one of the news that could affect the performance of cryptocurrencies is the attack of the SEC against Binancewhose lawsuit alleges the violation of the operating rules of assets in the US and indicates dozens of cryptocurrencies as values.
For his part, financial analyst Santiago Amat He also put a picture on the monetary policy of the United States. “is being an expansive monetary policy, that is, it will continue to print banknotes and this is good for the crypto market because those tickets tend to go a lot to investment” he said and recalled that the market is also preparing for the halving.
The pre-halving
“The great famous halving of Bitcoin is going to be next year and this year was expected to be a year of consolidation. That is why the cryptocurrencies are going to rebound”said Amat, adding that he believes Bitcoin will be fighting for the $28,000 but what is expected a good outlook for the rest of the year.
The halving is basically the halving of Bitcoin issuance every time the miners close a block. Every four years this phenomenon occurs. “If one moves through the history of the asset, it will increase a lot in value, in addition, I personally am buying Bitcoin”Amat closed.
“Generally after a couple of months after the halving, a significant price rise is generated, which is why it would be expected that Bitcoin will touch its maximum again, that is, it will reach $69,000 during the third or fourth quarter of 2024“, ended Apezteguia.
Source: Ambito

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