Analyst Forecasts Bitcoin to Reach $83,000 Soon

Bitcoin may surge to $83,000 soon, as technical analysis suggests a breakout pattern. Learn more about the potential rise and its implications.

Jun 7, 2024 - 10:25
Jun 7, 2024 - 10:25
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Analyst Forecasts Bitcoin to Reach $83,000 Soon
Analyst Forecasts Bitcoin to Reach $83,000 Soon

Bitcoin could be on the brink of reaching $83,000 in the near future, as it finalizes a significant bullish price pattern on its daily chart, as analyzed by 10x Research.

The potential surge to $83,000 would be validated by a price move surpassing $72,000, indicating a breakout from an inverted head-and-shoulders pattern. Markus Thielen, the founder of 10x Research, predicts this breakout to occur either today, Friday, June 7, or next week, Wednesday, June 12.

This inverted head-and-shoulders pattern typically forms after a downtrend and suggests a reversal of the trend upwards upon breakout. Such patterns are rarely observed in upward-trending markets, indicating a bullish continuation.

The probability of a breakout above $72,000 depends on the release of U.S. nonfarm payrolls data scheduled for Friday at 12:30 UTC. Economists' consensus estimates suggest an addition of 180,000 jobs in May, nearly matching April's gain of 175,000. The unemployment rate is expected to remain unchanged at 3.9% in May, with average hourly earnings projected to increase by 0.3%, resulting in a 12-month wage growth of 3.9% for the second consecutive month.

If the data shows any weaknesses, it might prompt the Federal Reserve to consider cutting interest rates. This could boost the upward trend in risky assets like cryptocurrencies. Many financial experts expect the central bank to implement a rate cut in July to stimulate liquidity.

Also Read: Invest in the Best: 3 Top Crypto ETFs for Long-Term Growth

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