Cryptocurrency Bitcoin trading at the level of 9573 continues to move as part of the correction after strong growth. BTC/USD quotes are moving above the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a short-term bullish trend for the digital asset. As part of the Bitcoin exchange rate forecast for June 4, 2022 from belinvestor.com. A correction in the value of the asset is expected to develop and a test of the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 9405. Where can we expect a rebound and an attempt to continue the growth of the Bitcoin cryptocurrency with a potential target at the level of 10365.
Bitcoin rate and BTC/USD forecast for June 4, 2022
An additional signal in favor of growth in BTC/USD cryptocurrency quotes will be a test of the support area. The second signal will be a rebound from the lower border of the downward channel. Previously, a weak signal was received for selling the Bitcoin cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 9825. The nearest resistance area on the chart is located at the level of 10305. The support area for Bitcoin is located at the level of 9205.
Cancellation of the option to increase the value of the digital asset Bitcoin will be a fall and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with quotes closing below the level of 8825. This option will indicate a change in the bullish trend in favor of a downward trend and a continued rise in the Bitcoin rate on June 4, 2022. Expect an acceleration in the growth of BTC quotes /USD stands with a breakdown of the resistance area and closing above the level of 9705.
Thus, the Bitcoin rate and the BTC/USD forecast for June 4, 2020 assume the growth of the cryptocurrency and a test of the support level near the 9405 area. Where can we expect continued growth in the Bitcoin rate with a potential target near the level of 10365. The cancellation of the rise option will be a fall and a breakdown of the 8825 area. This will indicate continued decline with a potential target near the level of 7305.
Bloomberg analysts: Bitcoin will soon soar to $100 thousand
MOSCOW, June 4 — PRIME. The cryptocurrency market trend is still upward, even after a rapid pullback from historical highs. Bloomberg reports this in its new report.
The expert explained why Ethereum will soon overtake Bitcoin
Analysts say Bitcoin is more likely to resume its upward trajectory towards $100,000 than to fall below $20,000. This, according to them, will be facilitated by the freeing of the market from an excess of speculative positions, while all previously valid fundamental prerequisites remain in force. They describe the current situation as a “discounted crypto bull market.”
At the same time, they argue that if the trend continues, Ethereum may enter into direct competition with Bitcoin for the place of the first cryptocurrency. They call for paying attention to ETH as part of portfolio diversification.
“Both have bullish fundamentals, but the No. 2's fundamentals and applications provide an important complement to the No. 1 global store of value's characteristics,” Bloomberg said. “Ethereum faces competition from other crypto assets and smart contract platforms, but number two has won the race for adoption and is positioned as the leading platform for the digitalization of money and finance.”
Evidence of demand for digital assets, in their opinion, is the growing capitalization of the Tether stablecoin. “Despite ongoing controversy and regulatory harassment, the growth in the market capitalization of the world’s largest dollar-based token serves as a strong indicator of the expansion of the digital asset ecosystem. Tether’s stable performance deserves respect,” Bloomberg analysts say.
The expert explained which cryptocurrencies can bring super profits
At the same time, they name the $100,000 mark as the next target for Bitcoin as consistent with the behavior of the cryptocurrency after halvings. Ether, according to their expectations, will remain in the range of $2,000 - $4,000 at least until the end of October.
“If Bitcoin overtakes Ethereum in performance in 2022, the first cryptocurrency will head towards $100,000. Add to this last year's issuance decline, institutional portfolio migration, Ethereum futures, and ETF launches in Canada and Europe, and Bitcoin has much more potential to head towards $100,000 than to remain below $20,000,” the report said.
Bitcoin in 2011: winter events, the first use of Bitcoin in the shadow market
February 2011 saw the next significant surge in the popularity of Bitcoin. Already at the beginning of the year, unusual events took place: as already mentioned, it was possible to overcome the psychological mark of one dollar on February 9, 2011. After a temporary surge, the value of the cryptocurrency went down again. The bearish trend continued until March, after which the curve went up and reached the one euro mark by the 24th.
From February 25 to February 27, the hashrate of the Bitcoin network increased sharply from 401 gigahashes per second to 628. Then, until March 1, the hashrate decreased to 392 g/s, and then increased to a record 774 g/s.
What's unusual about this? The fact is that hashrate is an indicator of the speed with which mining devices in blockchain networks solve mathematical problems. Simply put, an increase in hashrate means an increase in the number of miners on the market.
Such a sharp jump could be explained by the fact that someone was using a supercomputer or some kind of network bot, which would later be called a “mysterious miner” in the cryptocurrency community. This “mysterious miner” became the reporting point for the gradual growth of the Bitcoin network hashrate, and since June it has completely “exploded” the network to an unimaginable 15.8 terahashes per second.
And in mid-February, an Australian bitcointalk user put up a car for sale for bitcoins for the first time in history. For an old Celica Supra with a dead battery, he asked for three thousand bitcoins. Judging by the further development of the topic on the forum, the deal never took place.
In February 2011, the anonymous electronic trading platform Silk Road began its work. It was possible to access it only through the Tor browser, and for payment the participants in the transaction used the safest method - bitcoins. More than half of all goods were narcotic substances; anyone could purchase weapons, other people's bank card details and personal data, as well as prohibited pornographic materials. Some users even came across advertisements for the sale of human organs or offers of killer services. Silk Road reached $15 million in sales in 2012; During the existence of the site, users made more than a million transactions worth 9.5 million bitcoins.
The investigation into the site was led by US Drug Enforcement Agent Carl Force, whose efforts largely led to the arrest of Silk Road founder Ross William Ulbricht in October 2013. At the same time, Ulbricht has repeatedly claimed that he acquired an already operating online store from its true creator, MtGox founder Mark Karpeles. It later became known that Karl Force revealed Ulbricht's identity long before his arrest and blackmailed him for about a year, pretending to be one of the users. For his silence, the agent received almost $800 thousand in bitcoins and even managed to invest part of these funds in the CoinMKT cryptocurrency exchange. During the investigation, approximately the same amount was stolen by Force’s accomplice, US Secret Service officer Sean Bridges. Then he revealed the criminal scheme to the authorities, voluntarily surrendering to the police. Ulbricht is now serving a life sentence for drug trafficking, money laundering and hacking, while Karl Force received six and a half years in prison.
An equally high-profile story was the discovery of the “Murder Market” website, which collected donations in Bitcoin for the elimination of political figures. “I am a cryptoanarchist. And we have a bright future ahead of us,” said the portal’s creator, Sanjuro, who named himself after the hero of Akira Kurosawa’s classic film “The Bodyguard.” And although the Silk Road was eventually closed, and the “Murder Market” never led to the commission of real crimes, bitcoins are still actively used today in shady transactions on the network, which negatively affects the reputation of the cryptocurrency and prevents its spread throughout the world.
What will the Bitcoin rate be until the end of the year (December) 2022
Locally, I’m waiting for a rollback to $40,000 - $42,000. Based on technical (last publication) and fundamental analysis, all the prerequisites for this exist. Globally, the scenario of a new ATN and the +70,000$ mark is still in force. Last time they fell from $65,000 to $30,000 and without much difficulty they recently updated the ATN, now the crowd is more heated, large players continue to buy out the market, the number of BTC is becoming less and less.
Source: Tradingview
Major players enter the cryptocurrency market almost weekly, and the correction still resembles 2022.
Source: Tradingview
Globally, despite the correction, whales like Michael Saylor, head of Microstrategy, continue to buy BTC.
Bitcoin in 2011: significant events of the summer
In early June of the same year, after the cryptocurrency appeared in the media, the price of Bitcoin soared in six days to almost $32, but then fell to $10.
On June 19, 2011, Mt.Gox was hacked. It affected the accounts of 60 thousand users totaling more than $8.7 million.
What happened later was called a “soap bubble” by experts. This is exactly how Bitcoin was perceived after its sharp drop to $10 on June 12, 2011. The negative events have not ended. Cases of Bitcoin theft are becoming increasingly common. Over the next months, virtual coins disappeared from dozens of wallets of crypto network users. The reason is the high interest in the promising cryptocurrency.
Here are the most significant events of 2011 that influenced the dynamics of the Bitcoin rate:
- June 13 - the first hack of an electronic wallet with the subsequent theft of 25,000 coins. The injured party was the creator and member of the then-famous Bitcoin Forum.
- June 19 - hackers reached the database of the MtFox exchange platform. The hack triggered a drop in the price of Bitcoin from $17 to $0.01. In this incident, the money of 60,000 clients was partially or completely stolen, information about which ended up in the hands of fraudsters (passwords and e-mail). In addition, on June 19, one of the attackers hacked the account of the exchange management and sent hundreds of thousands of counterfeit coins. As a result, the Bitcoin rate fell sharply. During the week, there was no cryptocurrency trading at all. On the same day, tens of thousands of coins disappeared from the accounts of cryptocurrency holders. A week later, trading on Mt.Gox recovered, and the price drop after the hack became the largest in the history of Bitcoin.
Bitcoin in 2011: the rise of the MtGox exchange
A sharp jump in the value of bitcoins occurred in July 2010, when a new version of the application was written about on the site for techies Slashdot - the very next day they gave 8 cents per unit of cryptocurrency, that is, ten times more than a week earlier.
At the same time, Jed McCaleb, who in 2000 created the file-sharing network eDonkey2000, launched the MtGox exchange, which made it possible to exchange bitcoins for “real” money and back. MtGox immediately became a popular platform and was one of the main places both for depositing and withdrawing virtual money, and for assessing its exchange rate. McCaleb already sold the exchange to the Japanese company Tibanne Co. in March 2011, and in September 2013 introduced an alternative to Bitcoin - Ripple.
At first, bitcoins cost 5-6 cents on MtGox, but in November 2010 their rate reached 50 cents, which allowed the digital asset to start 2011 with good performance. The total market volume reached one million dollars. Enthusiasts began testing different methods of transferring money: at the beginning of 2011, the first mobile transaction was made using a bitcoin client ported to the Nokia N900.
On February 9, the virtual coin was equal in value to the dollar on MtGox. Because of this informational occasion, traffic to the exchange website increased sharply.
Bitcoin corrections in bull markets (uptrend)
Falls during a bullish, uptrend are not new. Just look at the corrections in the previous bull cycle in 2017.
Source: Tradingview
Historical data on corrections of the main cryptocurrency.
Source: Tradingview
