Bitcoin Price Forecast: Would $74k Be Possible Before July?

CoinEx
4 min readJun 20, 2024

--

The price of Bitcoin has been oscillating between $65,000 and $70,000 in recent months, with a recent resistance level around $71,700 that it has been unable to break through. However, various signals indicate strong market confidence in the medium-to-long-term prospects of Bitcoin, suggesting that the current phase is merely a consolidation period.

Highlights:

  • BlackRock added 3,894 Bitcoins to its portfolio, bringing its total Bitcoin holdings to 295,457 BTC, valued at an estimated $20.95 billion.
  • Bitcoin call options expiring in June have exceeded $74,000, leading to speculation that many investors are betting a new ATH of Bitcoin will happen before July.
  • The author of “Rich Dad Poor Dad” reaffirmed his prediction that Bitcoin will reach $350,000 by August 2024.
  • Standard Chartered Bank analysts believe that Bitcoin will double to over $150,000 if Donald Trump wins the election.

BlackRock Increases Bitcoin ETF Holdings

BlackRock has recently increased its holdings in Bitcoin ETFs. On June 5, BlackRock added 3,894 Bitcoins to its portfolio, worth about $276.19 million. This acquisition brings BlackRock’s total Bitcoin holdings to 295,457 Bitcoins, valued at an estimated $20.95 billion.

It implies a strong pattern of institutional confidence in Bitcoin’s potential as an investment.

There could be several reasons for BlackRock’s move. Bitcoin is now increasingly being seen as a way to protect against inflation. As traditional currencies lose purchasing power due to inflation, Bitcoin’s fixed supply makes it an attractive option for preserving value.

Positive regulatory changes are also making Bitcoin an attractive option for most investors. Clearer guidelines and supportive policies are reducing uncertainties and encouraging more investors to enter the market.

BlackRock’s increase in Bitcoin ETF holdings could potentially impact the price of Bitcoin in a few ways. Firstly, it signals to the market that a major institutional player is bullish on Bitcoin, which could instil confidence in other investors and lead to increased demand for Bitcoin. This increased demand could drive up the price of Bitcoin.

Secondly, BlackRock’s actions could also lead to a supply-demand imbalance in the Bitcoin market. If BlackRock continues to accumulate Bitcoin without selling, it reduces the available supply of Bitcoin in the market, which could drive up prices due to scarcity.

Bitcoin Call Options for June Expiry Indicating Potential Price Surge

Another signal is from the Bitcoin call options, those that will expire in June have exceeded $74,000, leading to increased buying activity. According to QCP Capital analysts, their desk observed robust bullish follow-through, accompanied by substantial bitcoin option call purchases for June expiries.

Recent options data also showed a concentration of open interest in Bitcoin options at a price of $75,000 for the end of June. This leads to speculation that many investors are betting the Bitcoin price will rise at least over $74,000 before July.

Experts Predictions of BTC Price

Other than the above, some professionals also set a high target for Bitcoin.

Robert Kiyosaki, the author of “Rich Dad Poor Dad,” reaffirmed his prediction that Bitcoin will reach $350,000 by August 2024, saying he is confident that the incompetence of President Biden, Treasury Secretary Yellen and Federal Reserve Chair Powell will drive the crypto market, but clarified it’s a prediction and speculation: “BITCOIN will be $350,000 by August 25, 2024 is not a lie. It’s a prediction. It’s speculation, it’s an opinion, but it’s not a lie.”

It seems quite optimistic. Considering the current trading rate of bitcoin, the price of Bitcoin must increase by 400% in less than three months to reach $350,000 by August 25, which is quite unlikely to happen.

But he is not the only optimist. Standard Chartered Bank analysts believe that Bitcoin will not just reach $74,000 but could double to over $150,000 soon after: if Donald Trump wins the election.

It is understandable. Over recent months, Trump has expressed support for crypto as he plans to make the U.S. an innovation hub. So we can expect him to introduce more crypto-friendly policies that can provide a boost to the crypto market and BTC and promote further investment and development in the area.

But what if the former president can’t get back in his seat? That would be another story.

For more detailed insights on Bitcoin’s price changes and market trends, you can visit CoinEx.

Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.

About CoinEx

Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM) and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.

--

--