Analysts gave their forecasts for bitcoin

On the morning of June 21, the bitcoin rate rose above $29 thousand and on the Binance exchange exceeded the mark of 29.08 thousand USDT. According to CoinGecko, the asset increased in price by 8% per day, from $26.8 thousand to $28.9 thousand, and updated the maximum for 1.5 months – from May 7. At 18:30 Moscow time, BTC is trading around $29.6 thousand. The total market capitalization of cryptocurrencies grew by 5.4% over the day, to $1.19 trillion, the daily trading volume amounted to $51.5 billion, writes RBC Crypto.

The crypto market has been on the rise since the end of last week, when investment firm BlackRock, the world’s largest asset manager, filed for a Bitcoin spot ETF. The application came to the regulator just a week after the Securities and Exchange Commission (SEC) sued the two largest cryptocurrency exchanges, Binance and Coinbase.

On Tuesday, June 20, a new crypto exchange EDX Markets (EDXM) launched in the US with investments from financial giants Charles Schwab, Fidelity Digital Assets and Citadel Securities. The exchange was also invested by venture capital funds Paradigm and Sequoia Capital, known for supporting a number of blockchain projects, such as Filecoin or LayerZero.

In addition to bitcoin, the EDX exchange allows you to trade three more cryptocurrencies – Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). None of them were equated with securities in the high-profile SEC lawsuits. According to press releaseEDX launched with the goal of “meeting the needs of the world’s largest and most advanced financial institutions,” many of whom are still interested in cryptocurrencies but are skeptical of existing venues, also because of the regulatory uncertainty they are currently facing.

Analysts interviewed by RBC-Crypto spoke about current trends in the crypto market.

“Bitcoin broke the resistance level”

Financial Analyst BitRiver Vladislav Antonov

Bitcoin broke the resistance level of $27,500. A series of news triggered a rise in quotes: the launch of the EDX Markets cryptocurrency exchange, Deutsche Bank applied for a license to work with cryptocurrency, the SEC and Binance.US reached an agreement to avoid freezing the assets of the exchange.

Cryptocurrency exchange EDX Markets will offer trading services for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). The news indicates that institutional interest in cryptocurrencies continues to grow. Last week, BlackRock filed an application to open an exchange-traded fund for bitcoin. American experts believe that the likelihood of Blackrock ETF approval is high, which in turn could lead to a significant increase in investment in bitcoin and support its price before the halving in 2024.

Deutsche Bank has applied for a license from German regulators to provide custody services for digital assets, including cryptocurrencies. The news also points to the growing interest of institutional investors in cryptocurrencies. In addition, the approval of the UK Financial Services and Markets Bill, which proposes regulation of cryptocurrencies in the country, by the upper house of parliament on Sunday also shows that global financial institutions are increasingly taking cryptocurrencies more seriously and are ready to work with them in accordance with the law.

The fact that the SEC and Binance.US (the US arm of Binance) reached an agreement to avoid freezing the assets of the exchange underlines the importance of regulators taking measures to ensure the protection of the interests of investors in the field of cryptocurrency exchanges. As part of the interim agreement, Binance.US will restrict access to private keys for its wallets, as well as root access to Amazon Web Services tools, ensuring that none of Binance Holdings officials can access these resources. The agreement can serve as an example for other cryptocurrency exchanges and regulators to develop and implement security and transparency measures in the industry.

At the time of writing, Bitcoin is worth $28,939. In Asia, the price moved up 2.22%. From a low of $24,800, the price recovered 17.29%.

As buyers were able to cover the 18-day drop from $28,447 to $24,800 in seven days, the $31,000 top of April 14 is on the horizon again. If the regulators do not put a spoke in the wheels, it is likely to see an acceleration in price growth to the psychological level of $30,000. High volatility is expected after 17:00 Moscow time during Jerome Powell’s speech. Today he speaks in the House of Representatives, on Thursday – in the Senate.

“We see further growth”

Exmo.me CEO Vladimir Cherpichnikov

Despite the fact that one of the most important positive signals for the growth of bitcoin occurred a week ago, when the Fed left the interest rate unchanged at 5.25%, this signal itself appeared only during the week. Bitcoin first rose to $26,800 and reached $29,000 last night.

In addition, the news that BlackRock filed an application with the SEC to launch a spot bitcoin ETF played an important role in the growth of BTC. By the way, in the entire history of BlackRock, an application for approval of an ETF for other assets was denied only once.

Another growth driver was the news that other investment funds – Fidelity, Citadel Securities and Charles Schwab – are launching the EDX Markets crypto exchange. It will work on the same principles as in the stock market: the exchange will not own the funds of clients, acting as an intermediary platform for matching applications and thereby creating additional liquidity and capital inflow into the crypto market.

Based on the current positive fundamental background, we see BTC further rising to $35-40k over the next months and returning to $60-70k by the end of the year.

The short-term and medium-term driver will be the approval of the BlackRock ETF application, the further smooth decrease in the Fed’s interest rate, and the increased interest of institutional investors and investment companies in cryptocurrencies. Growth in the long term will be affected by the Bitcoin halving next year.

All this will be accompanied by a rally in altcoins, which usually grow 10-20 times more than Bitcoin itself. We recommend investing in “fundamentally strong” coins with a long history. In general, the beginning of a bull market is also indicated by an increase in the number of coin listings on Coinlist, as well as other platforms and exchanges.

“Optimistic forecast”

Bitcoin has been going up for a week now. Now its rate is $28,888. This is despite the fact that a week ago it was trading at $25,780, and before that it had lost 7.5% amid accusations from the Binance exchange. The US Securities and Exchange Commission (SEC) then stated that the exchange worked illegally in the US, which, of course, dropped the rate of all cryptocurrencies traded on it.

However, now bitcoin is clearly going up, and I don’t see any prerequisites for its delay yet. The US Treasury is now actively working to reduce the inflation rate, and if they succeed, the cryptocurrency will receive an additional boost. My optimistic forecast for the end of June: bitcoin at $30 thousand, ETH – at $2 thousand. Realistic – about $29.5 thousand for bitcoin and stable $1.85 thousand for ETH.