June’s Cryptocurrency Forecast: Market Trends and Investment Insights

June is a momentous month for cryptocurrency investors, with key events primed to drive the markets. June will also bring a lot of important cryptocurrency news. Among these, Hong Kong’s proposed cryptocurrency access for individual investors stands out. Also, the unveiling of critical data, like the decision on interest rates, is expected to animate the market.

At 04:00 on June 1, the U.S. House of Representatives approved the debt ceiling law. It is now expected to gain Senate approval by June 5. Following President Biden’s signature, the debt ceiling issue will be settled until 2025, eliminating fears of the U.S. defaulting, which drove losses in the cryptocurrency markets throughout May.

June also heralds the Fed’s announcement of its interest rate decision on the 14th and promising developments from Hong Kong. Let’s delve into the key dates and events influencing the cryptocurrency market this month.

On June 2, U.S. Average Hourly Earnings data will be released, predicted to align or be below expectations. Any rise above expectations may worsen the ongoing inflation issue. Simultaneously, the U.S. Non-Farm Payrolls and Unemployment Rate data, along with the OPEC meeting on June 4, are predicted to impact cryptocurrency prices indirectly due to their potential influence on energy costs.

The upcoming week will also witness the release of US Services PMI and ISM PMI data. Given the influence of this data on the economy’s health, any significant over-achievement may negatively impact cryptocurrencies.

Other notable dates include June 8, when U.S. Unemployment Claims will be released, June 13, when U.S. Inflation Data is due, and June 14, when Producer Inflation will be announced. The month concludes with the Fed Rate Decision, which currently leans towards steady rates.

Crypto investors should also closely monitor altcoin key unlocks in June. Major supply increases often spur sales in the respective altcoin. Several coins such as SUI, DYDX, APTOS, BLUR, BIT, APE, and OP are scheduled for key unlocks this month, which may influence their prices.

June carries potential risks as well. The ongoing Genesis bankruptcy proceedings, if unsuccessful, may lead to the worst-case scenario for DCG and its numerous subsidiaries. SEC lawsuits, especially against US-based crypto companies, are another cause for concern. Additionally, the potential end of the Ripple lawsuit may positively impact XRP Coin’s price.

Data from CoinShares suggests a six-week outflow from cryptocurrency funds by corporate and qualified investors, indicating decreased expectations for a price rise for the remainder of the year. Despite this, crypto-focused funds continue to participate in seed investment rounds, showing continued support for start-up projects.

Lastly, Bitcoin’s price forecast for June appears volatile. The price has been fluctuating between $28,500 and $25,886 since May 8, with signs of significant price movement expected soon. Depending on the outcomes of events in Hong Kong, interest decision, and the debt ceiling, there is a possibility for an upward breakout.

Expert predictions vary: JPMorgan analysts foresee a peak price of $45,000 for Bitcoin in the next 12 months, while Michael Poppe predicts a short-term price rise to $29,000. Luke Gromen predicts a medium-term rise due to monetary expansion, James Check expects a Bitcoin price of $32,000, while John Hussman warns of a potential crash with Bitcoin possibly seeking a new bottom below $20,000.

You can follow all developments in the cryptocurrency world on COINTURK NEWS and COINTURK (Turkish version).

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