A recent optimistic forecast has predicted a surge in the price of Bitcoin, estimating that it could reach $83,000 in the near future. Technical analysis from the 10x Research platform has indicated that BTC is poised to rally to the $83,000 level after completing a key bullish pattern on its daily chart.
If Bitcoin can maintain its price above the $72,000 zone, it would confirm a breakout of an inverted head and shoulders pattern. Analysts from the platform have outlined the necessary steps for Bitcoin to surpass its all-time high price of $73,737.94 and reach $83,000.
“It’s only a matter of time before Bitcoin hits a new all-time high. The head and shoulders formation suggests a move towards $83,000 soon, with the resistance likely to be broken in the coming days. The ideal time for this breakout is either today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts have expressed their optimism about risk assets in general, believing that Bitcoin is on track for new all-time highs. They also highlighted the importance of monitoring Ether prices, as a sharp decline could impact Bitcoin’s performance.
In related news, cryptocurrency analyst Willy Woo shared an analysis indicating that a potential Bitcoin short sale worth $1.5 billion could occur if the token reaches $72,000. This critical level could trigger mass liquidations and propel Bitcoin to new price levels.
As of the latest update, Bitcoin was trading at $71,217.45, showing a 0.3% increase in the last 24 hours.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Mark Yusko expresses optimism about the industry and recommends investing in cryptocurrencies as Bitcoin’s price continues to soar towards historic highs.