BTC Sentiment Poll for June

[Free Market Capitalist]

The $60K test is coming, agreed. But RSI at 16 on the daily is not something that stays there. Every time we have been this oversold, a bounce followed within days. Whether it holds is a different question — that answer comes on June 15 with the BOJ decision. Until then this is mechanics, not a trend reversal.

That's the question: whether it will hold at $60K, and if it doesn't, whether a rebound will follow. Today it dropped to $61,500, so it’s close, but it could fall to $59,000 and bounce back right away. Although I’m inclined to think we haven’t seen the worst of the year yet. There’s a lot of pessimism, and the money that could be flowing into Bitcoin seems to be going to tech stocks instead. However, I wouldn't dare to predict whether we'll see a bigger drop this month or at some point later this year.

[dwyane36]

The $60K test is coming, agreed. But RSI at 16 on the daily is not something that stays there. Every time we have been this oversold, a bounce followed within days. Whether it holds is a different question — that answer comes on June 15 with the BOJ decision. Until then this is mechanics, not a trend reversal.

Well, if you’re paying attention to an indicator like the RSI, then you should pay attention not only to the daily timeframe but also to the weekly one. There’s no oversold condition on the weekly timeframe yet.
As for a bounce, it could certainly happen, but given the current market trend, I wouldn’t expect BTC to bounce above $67k.

[GreatArkansas]

I already have my sentiment after we fall below $70,000 especially the dumps during the opening of June month - it will be bloody.
So right now, for me it's bloody but I can still consider this as dips, my "buy the dip" moment. Where for me, it's best time to buy, which I already did earlier.

[Danica22]

Where for me, it's best time to buy, which I already did earlier.

For those who hesitated or regretted not buying when the price dropped to $60k in February, this is your second chance. The market is giving us another chance to do what we missed.

However, the market is very unpredictable and there is no certainty that this is the final bottom. Therefore, despite the current price looking very attractive, I do not think anyone should go all in. Instead, we should accumulate BTC gradually.

[SamReomo]

I already have my sentiment after we fall below $70,000 especially the dumps during the opening of June month - it will be bloody.

The market at this time is in very strange condition and we can't say much about the market right now. It's better to accumulate some coins during this dip and wait for Bitcoin to dip below $60k if that happens then I believe that's going to be a golden chance to accumulate some Bitcoin. So far the market is highly bearish this week and I don't expect any correction as of this time. So it's better to speculate and accumulate during such dips.

[Aanuoluwatofunmi]

This month of June is getting more bearish and this is as expected because many have already predicted that it is going to be orchestrated by low performance as many have already sold, and at the same time you discovered that this is causing the market to go on a downtrend while some are taking it as an advantage to buy and hold.

With the word the market is going is likely that we see it go beyond $60,000 and this may be the time to see the market out $50,000 or something around that range.

[Don Pedro Dinero]

I’m feeling rather pessimistic. I think it’s clear that, given how the month has started, it’s bound to end in losses.

This month of June is getting more bearish and this is as expected because many have already predicted that it is going to be orchestrated by low performance as many have already sold, and at the same time you discovered that this is causing the market to go on a downtrend while some are taking it as an advantage to buy and hold.

With the word the market is going is likely that we see it go beyond $60,000 and this may be the time to see the market out $50,000 or something around that range.

Yes, it’s clear we’re going to lose the $60,000 – we’re on the brink. The question is where the next stop will be. But what worries me more is a widespread sense of pessimism that it will take a long time before we see a new all-time high again. Market cycles have become increasingly less profitable on the upside, yet have remained almost as volatile on the downside.

[el kaka22]

The fact that it is down this much, is because we are in the bear market and people denied to see it for a very long time, there is no other reason you need to look for. It was always destined to fall, and I always said that summer would be the time for it to keep going lower.

It goes down at the start of the year, even before, at first, then the summer. I did not know it would happen this fast to be fair, I was wrong on that part too, I knew this fall would happen, but I thought it would be "sometime in the summer", did not know it would happen within the first week of it. In any case, there is nothing to be shocked about, this is exactly as we imagined it would be and there is nothing to be surprised about it.

[pawel7777]

I haven't dived to deep into the recent news, but I'm hearing that one of the driving factors (perhaps the most important one) behind the current drop is Michael Saylor's Strategy halting its Bitcoin purchases for now.
Allegedly, Strategy has now around  $13 billion of unrealised losses, which is not necessarily as bad as it sounds, as I hear their business model can sustain much more before they have to resort to liquidating their BTC holdings.
Nevertheless, Strategy's massive buys were a good chunk of the demand for BTC and also had a positive psychological effect on the market. With that gone (or paused) we could see the price going further south.

All being said, I was never a fan of one entity accumulating a huge portion of the bitcoins in existence. I don't wish Strategy to fail, but it's a ticking time bomb. Sooner or later this will backfire on Bitcoin, unless they lose their keys

[Odusko]

That's the question: whether it will hold at $60K, and if it doesn't, whether a rebound will follow. Today it dropped to $61,500, so it’s close, but it could fall to $59,000 and bounce back right away. Although I’m inclined to think we haven’t seen the worst of the year yet. There’s a lot of pessimism, and the money that could be flowing into Bitcoin seems to be going to tech stocks instead. However, I wouldn't dare to predict whether we'll see a bigger drop this month or at some point later this year.

June have become one of the most speculative month for bitcoin despite that we haven't gone far into the month yet and we still have some level of interest playing out as regards to how unpredictable it could be for bitcoin this month, since there is alot of uncertainty we need to limit our risk and take advantage of the discount price before bitcoin start off another recovery moves.
Institutions and companies are now more focused on AI development which has a demand for huge capital investment, so they're taking profits from bitcoin and putting it into tech development, what we are seeing with the market is the reality of demands shifting from bitcoin into other aspects of development.

[Ndabagi01]

With the nature to which the market started this month with, one will be easily convinced that we will end this month in a bearish state and no doubt about it. The market has been bullish in a while and I don’t think that we will remain in a bullish state till the end of the year. The bears have taken over and so will the market be from now until we see it showing a bullish trend again which I don’t think will happen any moment. For now, it is better to enjoy the bearish state of the market towards taken advantage of it to buy more bitcoins in our portfolios.

[UmerIdrees]

The $60K test is coming, agreed. But RSI at 16 on the daily is not something that stays there. Every time we have been this oversold, a bounce followed within days. Whether it holds is a different question — that answer comes on June 15 with the BOJ decision. Until then this is mechanics, not a trend reversal.

That's the question: whether it will hold at $60K, and if it doesn't, whether a rebound will follow. Today it dropped to $61,500, so it’s close, but it could fall to $59,000 and bounce back right away. Although I’m inclined to think we haven’t seen the worst of the year yet. There’s a lot of pessimism, and the money that could be flowing into Bitcoin seems to be going to tech stocks instead. However, I wouldn't dare to predict whether we'll see a bigger drop this month or at some point later this year.

There was a liquidity sweep pending around 59800$ area, and that was taken. That's always good that Bitcoin grabs the liquidity below, and now the chances for Bitcoin to move up are more than before. I think we will see a recovery now, but it will be slow, and after mid june the Bitcoin price may reclaim 70K.

However, keep in mind that we are in a bear market, and the Bitcoin bottom isn't yet in. However, we should see a relief bounce now before Bitcoin moves lower.