UpdatesJun 08, 2023

The price of BTC will increase in June. Willy Woo points to a key factor

Cryptocurrency analyst forecasts higher volatility on the chart of the oldest digital currency this month.

Willy Woo recently highlighted that historically, the summer months have generally turned out to be bearish and, at best, neutral for the digital currency sector. In his recent analysis of underlying costs, however, the analyst suggested that there might be an upside in the BTC chart this June, given the re-accumulation phase. It is worth noting that several days have passed since the release of this forecast, and the Bitcoin price has not increased, but has weakened due to a legal dispute between the largest cryptocurrency exchange and the American financial market supervisor.

Willy Woo's Speculation on Bitcoin's Rise

Just a few days ago, a well-known analyst of the cryptocurrency sector, who is currently followed by over 1 million users on Twitter, shared an extremely puzzling forecast. It should be added here that it dates from June 3 this year, and apart from technical aspects, this analyst did not take into account other economic factors that could affect the exchange rate of the oldest cryptocurrency. A number of his speculations on the potential growth opportunities in the Bitcoin chart Willy Woo based primarily on the analysis of underlying costs. In the opinion of this popular expert, this analysis clearly indicated a possible jump in the value of the oldest digital currency during June this year. Base costs are nothing more than an illustration of the price paid by investors for a single Bitcoin coin.

Willy Woo, looking closely at the data, concluded that an increase would fit the picture much better than a possible decrease. From a historical perspective, it is worth keeping in mind that while the summer months tend to be neutral or even bearish, so far every June in the reaccumulation phase has been bullish. According to the latest speculations of the analyst mentioned above, an increase in the price of BTC could appear in a week.

Digital currencies will suffer due to Binance's conflict with US financial regulators

Currently, investors in the digital currency sector are showing a lot of fear and negative emotions regarding the overall market situation. This is primarily due to a lawsuit filed by the American SEC against the world's largest digital currency exchange. Uncertainty about the future of Binance has appeared among the cryptocurrency community.

Due to the very real investment risk, traders are likely to be left in dismay for quite some time. In just the last 24 hours after the appearance of information about a series of accusations against both the Binance exchange and its general director, the price of the oldest cryptocurrency fell by nearly 4%.

The founder of the BitMEX exchange, Arthur Hayes, recently shared extremely pessimistic forecasts for this year. In the opinion of this entrepreneur, the oldest digital currency will potentially gain a chance to exceed its current price ATH only at the stage of the second half of 2024. He claims that the increases in the BTC charts are to be stimulated due to the upcoming Halving.