The cryptocurrency market experienced a rollercoaster ride in April, marked by heightened volatility, new yearly highs, and a significant drop. As we look ahead to June, BeInCrypto presents some of the most notable crypto predictions for the month. This article delves into the forecasted movements of Bitcoin (BTC), Ethereum (ETH), and the recovery potential of Pepe (PEPE).
Bitcoin (BTC) Predictions:
After the Bitcoin price broke down from a bearish head and shoulders pattern in May, the subsequent movement defied expectations. Despite a temporary increase and breaching the pattern’s midline, the price declined once again. This casts doubts on the validity of the head and shoulders pattern, leading to the possibility of a descending parallel channel. Should this pattern prove accurate, BTC could see a decline towards the channel’s support line at $25,000, a crucial retracement level. The bearish trend is also supported by the Relative Strength Index (RSI) falling below 50. However, a daily close above the channel’s resistance line would invalidate this prediction and open the door for a potential move to the $31,000 resistance area.
Ethereum (ETH) Predictions:
Ethereum’s performance outshined Bitcoin in May, and this trend may continue into June. Trading within a descending parallel channel since early 2022, ETH recently bounced off the channel’s midline for the second time. As the price currently resides in the channel’s upper region, a breakout is the most probable scenario. Further reinforcing this bullish outlook is the weekly RSI, which surpassed a descending resistance line and moved above 50. Should ETH breach the channel’s resistance line, it is likely to surpass the ₿0.078 resistance area and aim for ₿0.01. However, a close below the channel’s midline would signify a bearish trend, potentially leading to a drop towards ₿0.045, the channel’s support line.
Pepe (PEPE) Recovery Outlook:
Pepe emerged as a significant altcoin gainer in May, experiencing a sharp increase before encountering a subsequent decline. However, June holds promise for a recovery. The drop since May 13 has remained within a descending parallel channel, indicating a corrective pattern. On May 31, the price rebounded from the channel’s support line, coinciding with the lowest-ever RSI reading. Since then, the indicator has shown signs of improvement. Consequently, the most probable prediction for PEPE is an increase towards the next resistance at $0.0000022. It’s worth noting that a decrease below the channel’s support line would suggest a bearish trend, potentially resuming the long-term descent to $0.0000009.
As we anticipate the developments in the cryptocurrency market throughout June, Bitcoin’s potential drop to $25,000, Ethereum’s hopeful climb towards a new yearly high against Bitcoin, and Pepe’s recovery trajectory stand as some of the noteworthy predictions. However, it is important to remember that cryptocurrency markets are highly volatile and subject to unpredictable shifts. Traders and investors should approach these forecasts with caution, considering additional factors and performing thorough research before making any financial decisions.