Bitcoin (BTC) may experience a sell-off, while Ethereum (ETH) is expected to outperform in June. Pepe (PEPE) could provide relief if it breaks its corrective pattern. April was a volatile month for cryptocurrencies.
Both the current indicators and price movements are indicating a potential significant sell-off for Bitcoin (BTC). In the previous month, Ethereum (ETH) outperformed Bitcoin (BTC), and it is likely to continue this trend in June. However, if the price of Pepe (PEPE) breaks out of its corrective pattern, there might be some relief. The cryptocurrency market had a turbulent month in April, characterized by extreme volatility, reaching new yearly highs, and a notable decline. BeInCrypto has analyzed the cryptocurrency forecasts for June, and the following are the major predictions for Bitcoin, Ethereum, and other popular cryptocurrencies:
BTC Price to Fall to $25,000
On May 11, the price of Bitcoin descended from a head and shoulders pattern (red icon). The head and shoulders pattern is seen as bearish. The breakdown was therefore anticipated.
But since the breakout, there has been an exceptional amount of movement. The BTC price surged twice and even crossed the pattern’s midline once more on May 30 instead of falling drastically. But shortly after, it started to decline once more. The head and shoulders pattern may not have been accurate as a result. A falling parallel channel is the next most frequent pattern. If this is true, the price was rejected on May 31 by the resistance line (red icon), starting the current downward trend.
The price could drop to the channel’s support line at $25,000 if it declines. When taking into account the complete prior upward run, this is also the 0.382 Fib retracement support level. Therefore, it is a level for a bottom that is highly likely. This possibility is also supported by the RSI movement.
Traders can assess whether a market is overbought or oversold and decide whether to accumulate or sell an asset by utilizing the Relative Strength Index (RSI) as a momentum indicator. Bulls have the upper hand if the RSI reading is over 50 and the trend is up, but the converse is true if the reading is below 50. There is a bearish trend when the indicator is declining and below 50.
A daily close above the channel’s resistance line will invalidate this bearish BTC price prediction, despite the fact that both the price action and the RSI indicate a gloomy outlook. The BTC price can then rise to the $31,000 resistance level.
Ethereum (ETH) Will Surpass Bitcoin at a New Year’s High
Throughout May, the price of Ethereum outperformed that of Bitcoin. In June, it’s expected to do the same thing.
Since the start of 2022, the ETH/BTC price has decreased inside a parallel downward channel. It bounced along the midline of the channel in April 2023. It bounced at this line for the second time. The most likely possibility is a breakout from the channel because the price is now trading in its upper part. The ongoing climb is also supported by the weekly RSI. The indicator rose over 50 after breaking through a declining resistance line (black line) (green circle).
Price is likely to clear the 0.078 resistance zone and proceed to 0.01 if it breaks out from the channel’s resistance line. Despite this bullish ETH price forecast, a close below the channel’s midpoint will signal a continued bearish trend. The ETH price could then decrease to the channel’s support line at $0.045 in that scenario.
Pepe (PEPE) is going to start recovering
One of the largest cryptocurrency gainers ever, PEPE was the primary altcoin story in May. The price, however, hit an all-time high on May 5 and has since dropped significantly.
Despite this decline, it appears that June will bring about some rebound. This is due to a number of factors. A parallel canal that descends has limited the decline since May 13.
Since the channel is a corrective pattern, a breakout from it is the most likely outcome. On May 31, the price moved at the support line of the channel (green icon). The lowest-ever RSI measurement (green circle) occurred at the same time as the bounce. Since then, the indicator has grown. Therefore, the price of PEPE is most likely to rise to the next resistance level of $0.0000022.
Despite this optimistic prediction, the trend will change to bearish if the price falls below the channel’s support line. In that situation, PEPE might resume its gradual decline to $0.0000009.