Bitcoin Eyes New All-Time High: Analyst Predicts $83,000 Rally Soon

  • The potential for Bitcoin to reach new all-time highs has been a hot topic among analysts and investors alike.
  • Various chart patterns and market indicators suggest that significant price movements could be on the horizon.
  • Prominent financial experts remain optimistic about Bitcoin’s future performance, citing macroeconomic trends and investor behavior.

Bitcoin’s bullish momentum could lead to a new all-time high as analysts predict substantial gains amidst global economic shifts.

Bitcoin Remains on an Uptrend

Markus Thielen, CEO of 10x Research, recently stated that Bitcoin is poised to make a new all-time high. Thielen observed a “head and shoulders” pattern nearing completion, which he believes could trigger a rally towards $83,000 in the near future if Bitcoin breaks through current resistance levels.

Despite Bitcoin pulling back to around $69,000 on June 7th, Thielen remains confident that the bullish chart pattern is still intact. The onset of an easing cycle by global central banks, marked by recent interest rate cuts in Canada and Europe, further supports his optimistic outlook.

“We are bullish. With US growth, employment, and consumer spending weakening, it will only be a matter of time until inflation slows,” Thielen commented.

US employment figures presented a mixed scenario, with the unemployment rate rising to 4.0% but the number of jobs added surpassing expectations. Bitcoin prices have seen a modest climb of 3.1%, even with $4.8 billion of inflows over the past week, which is below the anticipated 5.8% increase suggested by regression models.

Bitcoin’s Inflow Dynamics

Thielen detailed the relationship between Bitcoin’s price movements and monetary inflows, estimating that roughly $13 billion in new inflows would be required for Bitcoin to hit $83,000. While breaking the $71,600 trend line could invite more buying, the $13 billion inflow represents a significant investment commitment.

“We think this is achievable as a weaker US employment market and anticipated lower inflation data next week (3.3%) will likely create a favorable macro environment for new highs,” Thielen added.

However, long-term holder selling is cited as a factor preventing Bitcoin from reaching even higher prices. Charles Edwards, founder of Capriole Fund, pointed out that despite substantial investments from US Bitcoin ETFs, Bitcoin’s gains have been somewhat restrained.

“Why aren’t we at $100,000 yet? US Bitcoin ETFs have acquired 200% of the Bitcoin mined since launch in mid-January,” Edwards noted.

“At $71K, Bitcoin is up 50% since the ETFs launched, but many are asking why not more?”

Currently, Bitcoin is trading around $69,420 after finding support in Sunday morning’s Asian trading session, following a 2.5% decline over the past few days. Bitcoin will need to break the $71,500 level to gain further upward momentum.

Outlook for Ethereum

While Bitcoin’s outlook appears bullish, Thielen is less optimistic about Ethereum. He believes that the demand for Ether ETFs may not meet expectations. Ethereum recently broke a critical support level at $3,725, falling to $3,640, before recovering to $3,700 during early weekend trading.

“#Ethereum Breaks Key $3,725 Support: Imminent Liquidations Expected?”

Broader crypto markets remain within a range-bound channel and are in the accumulation phase typically observed following a Bitcoin halving event.

Conclusion

In summary, Bitcoin’s potential to reach new all-time highs is supported by bullish chart patterns and macroeconomic trends, including central bank policies and employment data. However, significant monetary inflows and breaking key resistance levels are crucial for these predictions to materialize. Meanwhile, Ethereum’s potential appears more muted, with analysts predicting lower ETF demand and recent support level breaches indicating possible volatility ahead.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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