Crypto community with 80% historical accuracy sets Bitcoin price for June 30, 2022

Bitcoin’s (BTC) price climbed by over 8% in the previous week, making it about 18% higher than its lowest point earlier this year of $26,700 on May 12 after the collapse of the crypto market, sparked by the uncoupling of the stablecoin TerraUSD (USDT) from its dollar peg.

Given the volatility across all financial markets, not just the cryptocurrency sector, many retail investors are hesitant where to deploy their capital since it is so difficult to anticipate the future price of the flagship digital asset. 

In particular, the CoinMarketCap crypto community considers that Bitcoin will soar 30.06% from the current price to trade at $41,175 on June 30, 2022, with the target being based on the average of votes by 34,436 members.

The price projection is based on the average of the last six predictions provided by the crypto community, which has historically forecasted Bitcoin prices with an accuracy rate of 80.3%.

Bitcoin price analysis

After being caught in a bear run for the most of the month, the price of the world’s largest cryptocurrency is presently at $31,564, up 3.16% in the last 24 hours and 8.07% across the previous week with a total market worth of $601 billion, according to CoinMarketCap data.

However, this is still over fifty percent less than the all-time high price of the cryptocurrency, which was over $67,000 in November of last year. 

The cryptocurrency market saw a fall earlier this month, which resulted in the loss of almost $1.5 trillion. Some experts have warned that another “crypto winter” similar to the one that occurred in 2018 might be on the horizon. 

The Bitcoin Fear & Greed Index registered “extreme fear” due to the collapse in the cryptocurrency market, which caused the gauge to plummet to its lowest level since the beginning of 2019.

In the week that followed the collapse, Bitcoin began exhibiting some indications of recovery, and by Tuesday, May 30, it had restored a market capitalization of $600 billion.

Positively, strategists at JPMorgan Chase (NYSE: JPM) claimed that the cryptocurrency has “significant upside potential,” which has helped shift market sentiment this week.

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