Analysts Eye $36k for Bitcoin while Altcoins Rocket

Written by BTSE

June 27, 2023

Crypto Market Analysis

Trending Tokens on BTSE:

24h %








(as of 3:30 AM UTC, June 27, 2023) 


Over the last 24 hoursgiants Bitcoin (BTC) and Ethereum (ETH) held steady at newer, higher points. BTC remained strong above US$30,000, while ETH held firm above US$1,800. These flat movements could be attributed to investors waiting to see movement in July – a historically positive month for Bitcoin prices – or related movement related to Friday’s quarterly options expiry. 

Outside of the world of large market cap cryptos, BTSE-listed PlayZap (PZP) shot up as much as 31% in the last 24 hours due to its announcement on Twitter yesterday that 1 million PZP tokens have been staked in total, while The Doge NFT (DOG) sunk approximately 12.64% in the same period. 

PlayZap wasn’t the only altcoin to have a strong 24 hours though – four other BTSE-listed altcoins rocketed more than 10% in the same timeframe – including POGAI (POGAI) at 14.64%, Avocado DAO (AVG) with +12.91%, Arbitrum (ARB) at +10.45%, and Compound (COMP) at +10.3%.

Meanwhile, big news came out of Hong Kong’s largest bank this morning. HSBC Hong Kong is now offering both Bitcoin and Ethereum Futures ETF trading through its Easy Invest functionality. While these ETFs are traded as securities – they are one of the most mainstream cryptocurrency products to date, and offer a mainstream audience exposure to cryptocurrencies through a basket of futures. HSBC Hong Kong is the first bank in Hong Kong to make such an offering publicly available. 

While prices remain relatively flat today, many analysts expect investors to be watching the upcoming options expiry on the coming Friday. Analysts expect the expiry of options contracts at the end of the week to signal a potentially significant price movement for Bitcoin – which could still go either way. Depending on movements and sentiments of investors, Bitcoin could experience a further rally, or a retreat in price following the options expiry deadline this Friday. 

Moving into July – which has been a very strong month for Bitcoin – having seen 24%, 20%, and 27% returns during this month for the past three years, according to Markus Thielen, head of research for crypto service provider Matrixport. Thielen writes that it would not be out of the question for Bitcoin to see prices of US$33,000 to US$36,000 by the time August rolls around, given the patterns seen over the last few years. 

Going forward, investors continue to await the SEC’s decision on Blackrock’s ETF application, the SEC’s continued legal actions against Binance and Coinbase, as well as the upcoming Bitcoin options contracts expiry this week. 


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