Bitcoin price performed strongly in May, jumping to a record high of $111,900. At its highest point, it was up by over 50% from its lowest point in April, when Donald Trump unveiled his retaliatory tariffs. This BTC forecast looks at what to expect in June. Bitcoin recap for May May was a good month for Bitcoin in a few areas. First, Wall Street investors continued to pump money into BTC during the month. The net inflows into spot Bitcoin ETFs jumped by over $5.2 billion, while the total value traded during the month jumped to over $73 billion. May was Bitcoin’s best month since January, when the net inflows jumped by $5.25 billion. The surge in inflows brought the cumulative inflows to over $45 billion, making Bitcoin the most successful ETF launches ever. For example, the iShares Bitcoin ETF (IBIT) now has over $70 billion in assets under management, 18 months after its launch. In contrast, the SPDR Gold Shares ETF (GLD) has less than $100 billion in assets, 21 years since its launch. The other big theme in May was the continued Bitcoin purchases by companies, a move that could accelerate following Strategy’s purchases. Strategy, formerly known as MicroStrategy, acquired thousands of coins, bringing its total holdings to over 580,235. Twenty One, a company formed between Cantor Fitzgerald, Tether, and Softbank , is acquiring Bitcoins worth over $3 billion. It plans to go public as a Bitcoin holding company. Trump Media, the parent company of TruthSocial, raised $2.5 billion to acquire Bitcoin. GameStop, the game store company, also started to accumulate Bitcoin as we recommended a few months ago. The other big Bitcoin news in May was key events like Consensus Toronto and Token2049 in Dubai. BTC price analysis for June Bitcoin’s price will likely continue doing well in June because of the soaring demand and falling supply. The supply of Bitcoin on exchanges has continued falling, moving from over 3.1 million in 2020 to 1.2 million today. More companies will likely continue acquiring Bitcoins this month, which will help boost its price. The risk, however, is that June is usually one of the worst months for Bitcoin because of the start of the summer season. The average Bitcoin return in June is usually minus 0.50%. The other risk is that the trade war between the US and other countries will continue, leading to more volatility. Also, the Federal Reserve may insist that it will not cut rates soon as inflation remains stubbornly high. Bitcoin price analysis BTC price chart | Source: TradingView Technicals suggest that the BTC price has more upside to go this month as it has formed a cup-and-handle pattern, with the ongoing retreat being part of the handle section. This cup has a depth of about 32%, meaning that the target price is about $143,000. Bitcoin remains above the 50-day and 200-day Exponential Moving Averages (EMA). Therefore, the most likely scenario is where BTC price rises and hits at least $120,000 this month. A drop below the support at $100,000 will invalidate the bullish outlook. The post Bitcoin price prediction for June: Will BTC rise or fall in June? appeared first on Invezz
