Who says cryptocurrency is taking a risk. For more than a decade, crypto has been at the heart of all conversations. For some people these assets are unreliable and could ruin many people. For those who believed in it, the earnings were huge until the markets collapsed. The current situation makes for something desirable, but according to analysts, bitcoin may rebound in June.
Bitcoin price analysis by Benjamin Cowen
Cowen is a well-known financial analyst in the field. On his Youtube channel, he analyzes and comments on the course of cryptocurrencies and bitcoin in particular. Passionate about cryptos and the metaverse, the latter allows its subscribers to stay up to date with crypto news and market fluctuations.
The encrypted sector is in the midst of a crisis. Over the past few months, cryptocurrencies have been pessimistic by the price of cryptocurrencies. While many are selling their assets, others are still looking at prices before making a decision. The question everyone is asking right now is: will crypto come back?
As investors and traders think of eliminating cryptos, Cowen disagrees. For him, three measures suggest a possible rise in the price of bitcoin this month. Bitcoin would be affected by various factors, and if successful, Bitcoin could collapse in June.
Dollar action and bitcoin price shares
According to the financial analyst with 746,000 YouTube subscribers, various financial factors influence the price of bitcoin. The first threat to Bitcoin is its correlation with the dollar. As is well known, the dollar currency index has a major impact on the price of major crypto projects. When it goes up, bitcoin goes down.
So the dollar’s parabolic rally over the last few months explains the fall of BTC in some way. But a bitcoin rebound in June is possible because the dollar has reversed slightly. The other reason proves that bitcoin could go up with the hashes of the Nasdaq and the S & P500.
Currently, cryptocurrencies carry more risks than stocks. As a result, stocks are the first people to move. But there is no doubt that cryptos will follow the trend if this continues. In addition, the 90-day exponential moving average (EMA) of the bitcoin Fear and Greed index is relatively low.
The EMA measures market sentiment at a value between 0 and 100. Values between 0 and 24 indicate extreme fear, between 25 and 49, fear. When the values change between 51 and 74, the latter indicates market greed and finally, great greed from 75.
Given that the 90-day EMA is on the index at 23.56, Cowen sees a potential rebound.
The course of almost every crypto makes many investors skeptical. Despite a 7% rise in the price of bitcoin over the past 24 hours, people are still anxious. But for Cowen, bitcoin can rebound in June if all the factors are in place.
Source: Dailyhodl
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Eddy Senga
Passionate about cryptos and the blockchain, I want to introduce this universe to those who do not know yet, and encourage them to embrace it just like me.
