Bitcoin fell to a one-month low of $64.4k. Has the bottom been reached? Has the bottom been reached

Today, the main digital coin fell to $65.4 thousand, and during the day traded at $64.4 thousand. This was the minimum value for June of this year. The value of the coin for the day decreased by 1%. Etherium and other major digital assets are also on a downward trend.

This happened after the news of the US Federal Reserve rate hike, which led to a reduction in investments in BTC funds and other cryptocurrency projects. Between June 10 and June 14, more than $600 million was withdrawn from digital funds, the most since March 22, 2024. Crypto investors prefer to part with their coins as they are not sure about their future growth. However, 99Bitcoins experts believe that the price of bitcoin will certainly increase in the long term.

Bitcoin has reached the price bottom or the fall will continue

Digital gold is characterized by cyclicality, which is largely due to the coin’s halving – a twofold decrease in its value that occurs every 4 years. Historically, it has been found that in the year of halving, BTC grows and updates its maximum.

The year 2024 was no exception to this rule. On March 14, the digital coin soared to $73.1 thousand, although at the beginning of the year BTC was traded only at $42.5 thousand. Analysts note that now the crypto market is at the moment of reaching the bottom, which is usually followed by a sharp rise.

Therefore, the digital coin can fall below $64.4 thousand or continue to grow again. However, these price fluctuations will be insignificant. Talk about a more serious growth or fall is worth talking about when the appropriate trend occurs. For now, there are no objective prerequisites for it.

Now the decrease in BTC price is caused by the reaction of holdings to the preservation of the Fed rate at the level of 5.25-5.5%. However, this behavior reflects the impulsiveness of traders and investors. This usually happens after important economic news.

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To understand the objective picture, it is necessary to wait a few days. Then the market will gradually return to its natural state. Then there will be more clarity about the movement of the cryptocurrency exchange rate.

In general, bitcoin always grows in the long term. To make money on the digital coin, you need to have a good understanding of the processes involved. For this purpose, investors use special educational materials and platforms – for example, 99Bitcoins and other sites.

99Bitcoins

This is a project whose participants receive rewards for studying the cryptocurrency market. The platform is integrated with a token created on the BTC blockchain. The community unites more than 79 thousand active users, more than 2.8 million people subscribe to the site’s materials.

Author: Saifedean Ammous, an expert in cryptocurrency economics.