"Tron Fan Club" Bitcoin Price Prediction Contest Participation by @moneyster
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Assalam-o-Alaikum Steemians !
I'm @moneyster, a professional level Cryptocurrency investor and an analyzer. Today I decided to participate in a contest in this community. I hope this contest participation will be considerably beneficial for all the Steemians in this community
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According to my research, there is a great possibility to stay Bitcoin as a Bull Market in June 2024. Because there are some considerable reasons behind that, I will describe them further at the end of this article.
At this time, I think that the Bitcoin price should reach at least 65,000 USD. Because there is a big resistance zone between 64,000 USD and 65,000. However, we can easily reach this level with the help of Market makers in the crypto market. If we need to pass the range of 65k level. It will be not easier as the market makers are waiting to make a big change in this range. It can be a forward range or sometimes it can be a reverse range. However, small Traders like us should get confirmed the accurate direction at this zone before taking an entry after the 65k level.
In fact, there are a lot of factors that we can use to identify a bull market. At the same time, there are also reverse factors that indicate a bear market. However, according to the strength of the factors that we have identified, we can make a better decision. Below I have mentioned the three factors that I have used to make this decision and I will also describe them separately.
- Technical Analysis
As we all know Technical Analysis is a good factor for every Crypto Traders. Because most Crypto Traders are waiting to buy or sell assets by looking at every specific region on the crypto chart. So, in this specific time period (June 2024), I can also see some good buying opportunities by looking at the chart window. Below I have taken an example form the Tradingview site.
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Above we can see the price chart is trying to break a great resistance zone and I have highlighted that zone in the screenshot. If we are able to break that level, it will also act as a support zone and the price will go up after reaching it.
Also, we can clearly see that the RSI indicator has also created a good support zone as a powerful Trendline. So, it can also act as a good support to keep the strength of the price level at this movement.
- Bitcoin Halving Event
Bitcoin Halving Event is an action that has taken place every 4 years in the past Bitcoin history. In the Bitcoin halving event, the reward that goes to the miners will be reduced by half. However, as a result of it, the value of the price should also go high. It's unfair if miners lose their profit as they sacrifice electricity power and big manpower for this mining process. Below I have taken a good example of the past Bitcoin history in conjunction with the Bitcoin halving event.
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According to the above image, we can see that the value of the BTC has been increased for every 4 years after the Bitcoin halving event. Therefore, we can imagine that this time, it can also happen as the BTC has repeated its history most of the time.
- Trending Market
When we look at every Crypto news, we can see that all are thinking of a Bull market for Bitcoin. Even such Market makers are thinking of a Bull market. Therefore, retail Traders are completely waiting for a Bull market and they are buying BTC assets continuously. When we take all this news together, we can see a great Trending market for Bitcoin.
According to the fact that I have mentioned above, I can get a general idea of the Bitcoin Price for June. In fact, I think that when the BTC starts its halving event, the price may go down for a while after reaching 80k to 85k. But after a certain time, it may be reduced to 65k to 75k.
So finally as a decision, I think the price of the Bitcoin for June will stay at the level of 65,000 $
I have studied the below-sourced articles to study these topics further, and I have explained all the above facts in my own words and experience.
10% benificiary set for @tron-fan-club
Twitter Shared
https://x.com/moneyster12/status/1749352784120393791?s=20
Thank you, friend!
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Great prediction, would love to see bitcoin at $65k come June 2024 hopefully it plays out as you have said
Thank you very much for your valuable respond.