Even though the cryptocurrency market could tumble in June, Bitcoin remains attractive for gradual accumulation due to several supportive factors, says Mr Woramet. AFP
The cryptocurrency market is likely to remain under pressure in June as investors continue to assess slowing US economic growth and the outlook for monetary policy, though this weakness could present an opportunity for long-term investors to accumulate Bitcoin, says Merkle Capital.According to the digital asset manager, risk assets have faced selling pressure since May as institutional investors reduced exposure amid growing concerns over the US economic outlook.
Bitcoin, the world's largest cryptocurrency, experienced significant volatility during the month, swinging more than 25% and testing the key support level of around US$61,000.
Although inflation concerns have eased somewhat following a decline in crude prices to less than $100 per barrel, uncertainty surrounding the US economy continues to weigh on investor sentiment and expectations for interest rate policy over the medium to long term.
Woramet Chansen, an investment advisor at Merkle, said while the cryptocurrency market could tumble in June, Bitcoin remains attractive for gradual accumulation due to several supportive factors.
