What awaits you in June 2023

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April was an interesting month for the cryptocurrency market, characterized by high volatility, new yearly highs and a steep decline. BeInCrypto takes a look at the crypto predictions for the upcoming month of June.

May was the first bearish month of the year for the cryptocurrency market. June may bring more of the same.

Below are the biggest crypto predictions for June, for Bitcoin, Ethereum, and other popular cryptocurrencies.

Bitcoin (BTC) will fall to $25,000

Bitcoin price broke down (red icon) from a head and shoulders pattern on May 11. The head and shoulders pattern is considered a bearish pattern. Accordingly, the failure was expected.

However, the movement since the escape has been unusual. Instead of falling sharply, the price of BTC rose twice and even broke above the midline of the patterns once again on May 30. But it declined again soon after.

Therefore, the head and shoulders pattern may not be valid.

So, the next most likely pattern is a descending parallel channel. If correct, the price was rejected by its resistance line (red icon) on May 31, initiating the current bearish move.

The drop could take the price to the support line of the channel at $25,000. This is also the 0.382 Fib retracement support level when measuring the entire previous upside move. So that’s a very likely level for a bottom.

The RSI movement also supports this possibility. Using the Relative Strength Index (RSI) as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to build or sell an asset.

If the RSI reading is above 50 and the trend is up, the bulls have an advantage, but if the reading is below 50, the reverse is true. The indicator is below 50 and falling, a sign of a downtrend.

BTC/USDT daily chart. Source: Trading View

While the outlook for the price action and RSI is bearish, a daily close above the channel resistance line will invalidate this bearish BTC price prediction. In this case, the price of BTC could move to the $31,000 resistance zone.

Ethereum (ETH) will hit a new yearly high against Bitcoin

Ethereum price outperformed Bitcoin throughout May. It is likely to do the same in June.

ETH/BTC price fell in a descending parallel channel since the beginning of 2022. In April 2023, it bounced off the middle line of the channel. It was the second time he had bounced off that line. Since the price is now trading in the upper part of the channel, a breakout of it is the most likely scenario.

Moreover, the weekly RSI supports the continued increase. The indicator broke out from a descending resistance line (black line) and then moved above 50 (green circle).

If the price breaks out of the resistance line of the channel, it is likely to break through the resistance zone of 0.078 and move to 0.01.

ETH/BTC weekly chart. Source: Trading View

Despite this bullish ETH price prediction, a close below the middle line of the channel will mean that the trend is still bearish. In this case, the price of ETH could fall to the support line of the channel at 0.045.

Pepe (PEPE) will begin his recovery

PEPE was the top altcoin story in May, becoming one of the biggest altcoin gainers of all time. However, the price hit its all-time high on May 5 and has fallen sharply ever since.

Despite this decline, it seems likely that June will bring some recovery. There are several reasons for this. The decline since May 13 is contained within a descending parallel channel.

The channel is considered a corrective pattern, which means a breakout of it is the most likely scenario.

On May 31, the price bounced off the channel’s support line (green icon). The rebound was combined with the lowest ever RSI reading (green circle). The indicator has since risen.

Thus, the most likely PEPE price prediction is for a rise to the next resistance at $0.0000022.

PEPE/USDT six-hour chart. Source: Trading View

Despite this bullish forecast, a drop below the support line of the channel will mean that the trend is bearish. In this case, PEPE could resume its long-term descent to $0.0000009.

For the latest crypto market analysis from BeInCryptos, click here

Disclaimer

In accordance with Project Trust guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions are subject to change without notice. Always do your own research and consult a professional before making financial decisions.

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