Experts gave three reasons why BTC will not exceed $72,000. Between June 2 and June 5, Bitcoin increased by 5.9% to $71,746.
This movement was supported by an influx of almost $1 billion into spot BTC-ETFs and significant losses in the US banking sector.
However, despite the positive factors for the leading cryptocurrency, experts believe that Bitcoin is unlikely to break above the $72,000 mark.
One of the reasons for this, Bitwise Investment Director Matt Hougan, calls the uncertainty in the regulation of cryptocurrencies, which still persists. Because of this, financial consultants and investment companies are afraid to increase investments in digital assets. However, according to Hougan, positive changes have already begun.
For example, the recent approval by the US Securities and Exchange Commission of spot ETH-ETFs shows that the authorities are ready to make concessions to the crypto industry.
Another reason that will prevent Bitcoin from surpassing $72,000, BitMEX co-founder Arthur Hayes considered negative macroeconomic events. He clarified that the asset could fall if the US Federal Reserve Bank decides to ease the pressure on the country's banking system by issuing loans to financial institutions caught in the crisis.
However, if the authorities make a different decision and start “printing more money,” this, on the contrary, will cause a Bitcoin rally.
In 2023, the coin increased by 43% in 30 days against the backdrop of the collapse of Silicon Valley Bank and Silvergate Bank. The rise in shares of technology companies listed in the US could also negatively affect the price of Bitcoin.
Especially if, as USB Bank analysts expect, the US Federal Reserve will lower interest rates to create a “healthy background for the stock exchange.”
In this case, investors may give preference to NVidia shares, which rose to a record $5,342 on June 5, rather than the leading cryptocurrency.
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