Renowned analyst Markus Thielen from 10x Research has made a bold prediction about the future of Bitcoin, suggesting that the leading cryptocurrency could surge to $83,000 in the near future. Thielen pointed to a significant bullish price formation on Bitcoin’s daily chart, indicating a potential rally on the horizon.
Thielen explained that a breakout above $72,000 would confirm a breakout from an inverted head and shoulders pattern, typically signaling a reversal in a downtrend and the start of an uptrend. He expressed confidence that Bitcoin is on the brink of reaching an all-time high, with the resistance line expected to be breached in the coming days, potentially on either Friday, June 7th, or Wednesday, June 12th.
This optimistic outlook comes amidst anticipation of crucial US economic data that could impact the Federal Reserve’s decision on interest rates. Economists are closely watching job numbers and wage increases, with weaker data potentially paving the way for a rate cut. This could further boost risk assets like cryptocurrencies, with some investment banks predicting a possible rate cut in July.
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