The post Bitcoin Price Analysis: BTC Price Might Surge 60% By July End appeared first on Coinpedia Fintech News
In response to the recent legal charges filed by the United States SEC against Binance and Coinbase Global, two prominent cryptocurrency platforms, Cardano’s IOG and Solana teams have vehemently asserted their decentralized nature and denied being classified as securities.
These developments have further intensified the ongoing debate surrounding the regulation of crypto assets under US securities law, contributing to a prevailing bearish sentiment within the industry. Concurrently, Bitcoin miners have observed an increase in liquidation rates.
Critical Breakout Ahead For Bitcoin
Despite the prevailing bearish sentiments, the Bitcoin price has consistently traded above the 200-week moving average (WMA) since mid-March this year. However, the trading instrument has now approached critical levels, poised to undergo either a long or short breakout.
A prominent crypto analyst, featured in a recent YouTube video by CryptosRUs, suggests that Bitcoin’s price has the potential to surge by 60 percent from its current levels, potentially reaching $40,000 by July.
Cathie Wood’s Ark Invest Doubles Down on Crypto Investments
Notably, Cathie Wood and her investment fund Ark Invest have doubled down on their crypto investments, undeterred by the recent charges brought forth by the SEC. Ark Invest currently holds a significant stake in Coinbase Global, owning as many as 420,000 shares following a recent purchase of 22 million shares.
US Government’s Crypto Involvement
The United States government, having confiscated substantial amounts of Bitcoin through operations such as the Silk Road takedown, has often relied on platforms like Coinbase for the liquidation of digital assets. Despite the Biden administration’s stringent stance on crypto firms, the country remains a prominent hub for Bitcoin miners worldwide.
This intensified scrutiny on leading crypto firms could be a strategic move by the US government to discourage scammers within the crypto space, including platforms like FTX and Alameda.