- Bitcoin (BTC) price could potentially hit a new record high based on impending U.S. economic data releases.
- Markus Thielen, Head of Research at 10x Research, is forecasting a fresh price peak for Bitcoin.
- After briefly surpassing $73,000 in March, Bitcoin pulled back but has since regained strength, recently trading above $71,000.
Discover why Bitcoin might soon break its all-time high as new economic indicators come to light. Learn about the potential market-driving data and their implications.
U.S. Employment Data Falls Short of Expectations
Recent data from the U.S. Department of Labor revealed a significant decline in job openings. According to Markus Thielen, a critical economic indicator known as the Job Openings and Labor Turnover Survey (JOLTS) displayed a remarkable drop.
Professionals had anticipated around 8.37 million job openings for April, but the actual figure came in at 8.06 million. This unexpected dip is one of the early signs that could suggest lowering inflation rates, which could have positive implications for Bitcoin prices.
Implications for Bitcoin
Analysis from 10x Research suggests that lower inflation expectations may lead to more optimistic forecasts for Bitcoin. On May 15, data showed that consumer prices in the U.S. rose less than anticipated in April. Specifically, the Consumer Price Index (CPI) declined from 3.5% in March to 3.4% in April, a 0.1% reduction.
According to Thielen:
“If future economic data, particularly the upcoming CPI report, shows even weaker surprise figures, we could see renewed discussions about interest rate cuts. Should the CPI fall to 3.3% or lower, Bitcoin could surge to an all-time high.”
Conclusion
The interplay between U.S. economic data and Bitcoin’s future price movements is crucial for investors. The recent underwhelming job openings data coupled with slower consumer price growth creates a potentially bullish scenario for Bitcoin. As the market closely watches future economic indicators, a favorable report could indeed propel Bitcoin to new heights, providing lucrative opportunities for investors.
