Crypto Briefing 6/25/23 – The Forecast

Crypto Briefing 6/25/23

Crypto Briefing 6/25/23

Bitcoin is stalled at a major area of resistance, $31,000. If Bitcoin is to have a second leg upwards to $33,000, then it has to close above $31,000 over the next few trading days. There is a 60% probability that Bitcoin reaches $33,000.

A digital asset that experienced an extremely strong breakout is a fork of Bitcoin, Bitcoin Cash. When considering the amplitude of its breakout bars on the daily and weekly chart, we favor Bitcoin Cash continuing to move in a positive direction before it faces down resistance at $300.

We are starting to see other altcoins beginning to show signs of life. Specifically, Hedera saw an attempted breakout after months of consolidation. Should the bullish sentiment remain in this market over the next few weeks, we expect to see more cryptocurrencies have sizable rallies akin to BTC. Our bias is that this will not be HBAR’s last attempted breakout.
With regulatory uncertainties surrounding large crypto exchanges, COIN has not been able to enjoy the upside that BTC has. Even though Coinbase will likely have to overcome legal hurdles in the future, it is important to remember they are a publically traded company and are compliant with U.S Securities Laws. While the company will likely have legal hurdles with the SEC for listing unregistered securities, COIN will be a terrific story stock throughout the next Bitcoin halving, as new people look to get into crypto.