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The price of Bitcoin has been lingering around the $27,000 mark for quite some time, leading to a growing sense of annoyance for altcoin investors. As of this writing, the price has once again reached $27,100, confirming $27,600 as a resistance level. So, when will the altcoins finally explode? Are investors’ anticipated rises coming? What are the latest predictions on the Bitcoin front?
When Will Altcoins Explode?
Here stands June 1st, a promising date for potential market movement. This date stands in the shadow of two significant developments that could reignite demand for cryptocurrencies, potentially triggering the much-anticipated altcoin surge. The ongoing declines in May seem unable to inflict further substantial losses on altcoins, possibly due to investor expectations around June 1st.
Two important developments will occur on this date.
US Default Risk
US Treasury Secretary Yellen has repeatedly warned that if the debt ceiling is not raised, the country could default from June 1st. This scenario has instilled fear in the markets, as a default could lead to heavy selling in the stock markets, a disaster for risk markets amidst a yet-to-be-resolved banking crisis.
What will actually happen? Discussions are ongoing, and we will likely find out by next week whether Democrats and Republicans have reached an agreement on the debt ceiling. This could relieve at least some of the ongoing pressure on cryptocurrencies. Naturally, as June 1st approaches, the potential elimination of default risk could lead to an altcoin explosion. Moreover, discussions between the parties took place yesterday, and they claimed to be nearing an agreement.
Hong Kong Crypto
Many investors may have forgotten, but as of June 1st, Hong Kong will legitimize cryptocurrencies for individual investors. Banks in the autonomous region have already been instructed to work with crypto companies. After the official announcement, demand in the Asian region could trigger a rapid rise in cryptocurrencies from June 1st.
Markets love to buy into expectations, and June 1st seems to be a reasonable period for the start of a new rally. On the other hand, Genesis’s bankruptcy or new updates related to the lawsuits filed by the SEC against crypto giants could easily undermine optimism in June.
Will Cryptocurrencies Rise?
It should not be forgotten that Fidelity, the largest asset custody company in the US, has begun offering crypto services to its customers. The narrative of Web3 and metaverse is being embraced by billion-dollar companies. Blockchain-based projects are being rapidly implemented. The ecosystem is far removed from the fruitless days of the old ICO period. There are now crypto brands making major deals with giant technology companies.
All these factors will likely be the price catalysts for the next bull season, eagerly awaiting their days to be remembered.
