The 3 most likely crypto predictions for June, involving Bitcoin, Ethereum, and other popular cryptocurrencies.
Bitcoin may return to the $25,000 zone
On May 11, Bitcoin price broke out of the Head & Shoulders pattern in the price chart, a pattern that is considered a bearish signal. Based on this pattern, it is predicted that a breakdown will occur.
Bitcoin’s price movement since then has been quite off-putting. Instead of plummeting, the BTC price doubled and even once again moved above the midline of the pattern on May 30. However, after that, Bitcoin price plummeted.
It can be concluded that this Head and Shoulders pattern may no longer be valid and does not correspond to the actual movement of the Bitcoin price.
The next pattern that has formed is a descending parallel channel. If true, Bitcoin price failed to break through the resistance line in the chart (red icon) on May 31 and started a current downtrend.
It is predicted that the drop could bring Bitcoin price to the support line of the channel at $25,000. This is also a 0.382 Fibonacci support level, calculated from the correction of the previous uptrend. Therefore, this level is likely to form an important support level.
The movement of the relative strength index (RSI) also supports this possibility. RSI is used to measure the strength of a trend and determine whether the market is overbought or oversold. Based on this movement, traders can decide whether to buy or sell the asset.
If the RSI is above 50 and the trend is up, the bulls are in control. On the other hand, if the index is below 50, on the contrary, the bears are dominating. The indicator is currently below 50 and continues to decline, a sign of a downtrend.
Ethereum/Bitcoin (ETH/BTC) Will Hit New Year Highs
Throughout May, Ethereum price outperformed Bitcoin. It is likely that Ethereum will continue this trend in June.
The price of the ETH/BTC pair has been falling and trading in a descending parallel channel since early 2022. In April 2023, the trading pair recovered and continued to move up the midline of the channel. This is the second time ETH/BTC has reached this level. Since the price is currently trading in the upper part of the channel, the possibility of a breakout is very likely.
The weekly RSI supports the continuation of the uptrend. This indicator broke through the descending resistance line and moved above the 50 level.
If the price breaks out of the resistance line of the channel, it is likely to break through the ₿0.078 resistance area and move to ₿0.01.
if ETH closes below the midline of the channel, it means the trend is still down. In that case, ETH price could drop to the channel support line of ₿0.045.
Pepe (PEPE) has the ability to recover
During the month of May, PEPE became one of the main themes in the altcoin story. This cryptocurrency has had the biggest gain of all time. PEPE price peaked (ATH) on May 5, but then plummeted.
Despite this drop, there are signs that PEPE may partially recover in June. One reason for this is that the plunge since May 13 has formed inside a channel but but gradually decreasing.
This channel is considered a corrective pattern, showing that a breakout from it is very likely.
On May 31, the price of PEPE bounced at the support line of the channel (green icon), while the RSI reached its all-time low (green circle). The RSI has been increasing since then.
Based on these signals, it is predicted that PEPE price is likely to climb to the next resistance at $0.00000022.
if PEPE price falls below the support line of the channel, this indicates that the downtrend is still continuing. In this case, PEPE could continue its long-term decline and approach $0.0000009.
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