BTC price went up by over 8% in the previous week, up about 18% from its 2022 year low of $26,700 on May 12 following the cryptocurrency market crash caused by the fall of the TerraUSD (USDT ).
Given the volatility in all financial markets, not just the cryptocurrency sector, many retail investors are hesitant about where to invest their capital, as it is very difficult to predict the future price of the main digital asset.
Specifically, the cryptocurrency community CoinMarketCap expects BTC to rise 30.06% from its current price to trade at $41,175 on June 30, 2022, a target based on the average voting of 34,436 members.
The price prediction is based on the average of the last six predictions made by the cryptocurrency community, which has historically predicted Bitcoin prices with an accuracy rate of 80.3%.
Bitcoin price analysis
After being caught in a downtrend for most of the month, the price of the world’s largest cryptocurrency is currently at $31,564, up 3.16% over the past 24 hours and up 8.07% over the previous week, with a combined market value of US$601 billion according to CoinMarketCap data.
However, this is still more than fifty percent down from the cryptocurrency’s all-time high price, which was above $67,000 in November of last year.
The cryptocurrency market took a tumble earlier this month, resulting in a loss of nearly $1.5 trillion. Some experts have warned that another “crypto winter” similar to that of 2018 could be on the horizon.
The Bitcoin Fear & Greed Index recorded “extreme anxiety” due to the cryptocurrency market collapse, sending the indicator down to its lowest level since early 2019.
In the week following the collapse, Bitcoin showed some signs of recovery and by Tuesday, May 30, had recovered a $600 billion market cap.
On the positive side, strategists at JPMorgan Chase (NYSE:JPM) claimed that the cryptocurrency has “significant upside potential,” which helped shift market sentiment this week.
