A bullish forecast has predicted a significant increase in the price of Bitcoin, with estimates reaching as high as US$83,000 in the near future. According to technical analysis from the 10x Research platform, BTC is poised to rally to the $83,000 level after completing a bullish pattern on its daily chart.
For this upward trend to be confirmed, Bitcoin must sustain price action above the $72,000 zone, breaking out of an inverted head and shoulders pattern. Analysts from the platform believe that Bitcoin is on track to surpass its previous all-time high of US$73,737.94.
“It is just a matter of time before Bitcoin reaches a new all-time high. The head and shoulders formation indicates a potential rally towards $83,000, with the resistance line likely to be broken in the coming days. The ideal timeframe for this breakthrough is either today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts at 10x Research remain optimistic about the future of risk assets, foreseeing new all-time highs for Bitcoin. However, they caution that a failure to achieve sustainable growth could be linked to a sharp decline in Ether prices. They are closely monitoring the $3,725 support level and urge traders and analysts to consider all possible scenarios.
In light of Bitcoin’s current upward trajectory, cryptocurrency analyst Willy Woo shared an analysis on June 4, suggesting that a potential Bitcoin short sale worth $1.5 billion could occur if the token reaches the crucial milestone of US$72,000. Reaching this level could trigger mass liquidations and propel Bitcoin to new price levels.
At the time of publication, the price of Bitcoin was at US$71,217.45, reflecting a 0.3% increase in the last 24 hours.
Disclaimer: The opinions and views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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