Bitcoin's June Slump Sparks Bull Market Debate Amidst 2% Loss

Bitcoin's price has been trading sideways throughout June, sparking debates among traders and analysts about the potential end of the bull market. The cryptocurrency, which has seen significant gains in recent years, has failed to make substantial progress in the past month, leading to speculation about its future trajectory.

The Relative Strength Index (RSI) on the daily chart reads 54, which is above its neutral level of 50, indicating bullish momentum. However, the lack of upward movement in Bitcoin's price has raised concerns among investors. Some analysts suggest that the current sideways trading could be a sign of a bullish reset, where the market takes a breather before resuming its upward trend. Others, however, are more cautious, pointing to the possibility of a correction or even the end of the bull market.

Historical data shows that Bitcoin has experienced significant price increases following halving events. The first halving in November 2012 saw Bitcoin's price rise from around $12 to a peak of approximately $1,042 in November 2013. This pattern has repeated with subsequent halvings, leading some to believe that the next halving could trigger another bull run. However, the current sideways trading has cast doubt on this theory, with some analysts predicting that the bull market may be over.

The lack of clear direction in Bitcoin's price has also led to a sense of uncertainty among traders. Some are optimistic, predicting a 20-30% gain per year on average, while others are more pessimistic, suggesting that the price could drop towards the major support zone between $85,000 and $90,000. This zone is seen as critical for the bulls, as a break below it could signal a more significant correction.

Despite the uncertainty, there are still bullish indicators for Bitcoin. Traders have expressed confidence in the cryptocurrency's potential, citing institutional adoption and macro tailwinds as factors that could drive prices higher. However, the current sideways trading has made it difficult to predict the market's next move, leaving investors to speculate about the future of the bull market.

Many experts do not believe that the bull market is over. According to the Bitcoin Rainbow Chart, a popular trading recommendation tool based on Bitcoin’s historical price trend, the price appears far from its multi-year cycle peak. In fact, it is comparable on the rainbow chart to previous markets like Nov. 2020 and May 2017. The May 2017 market valued BTC at $1,434 per token on May 1. By Dec. 17, 2017, the price had skyrocketed to just above $20,000, for a 1,400% ROI in under 9 months. The Nov. 2020 market appraised Bitcoin at $13,862 on Nov. 1. By Apr. 15, 2021, the price rallied to $62,208, for a 450% ROI in under 6 months.

Legendary veteran stock market chart trader Peter Brandt expects Bitcoin to move as high as $150,000 by August or September. In an interview, Galaxy Digital founder Mike Novogratz said he expects the price to top out above $150,000 before this cycle is over. Some analysts predict that Bitcoin could hit the $150K – $200K price predictions for 2025.

Crypto exchanges are dynamic, fast-moving, open, global markets for these high tech Internet currencies. So no one knows for sure what Bitcoin’s price will do next until markets have moved. But there are some clues and historical patterns that savvy currency traders and investors use to decide what and when to buy, sell, and hold.

For the 30 days ending Tuesday, Jun. 24, Bitcoin fell more than 2%. But global trade policy and military instability aren’t weighing on several important US tech stocks. Santa Clara, California-based computer chipmaker Nvidia, for example, gained over 9.15% in share prices. Meanwhile, Denver, Colorado-based US data company Palantir, gained over 19.84%. Oracle, another high-tech data company, based in Nashville, Tennessee, and ranked #17 among all US companies by size, surged 32.5% for the 30-day window by market close on Tuesday. All three companies are ultra-high market cap with many useful points of comparison to Bitcoin, the world’s leading cryptocurrency. They’ve been rallying, while BTC retraces its April and May gains.