A recent optimistic forecast has projected a bullish trend for Bitcoin, with the largest cryptocurrency expected to reach $83,000 in the near future. According to technical analysis from the 10x Research platform, Bitcoin may be gearing up for a rally to the $83,000 level after forming a significant bullish pattern on its daily chart.
Confirmation of sustained price action above the $72,000 zone would indicate a breakout of an inverted head and shoulders pattern. Analysts from the platform have indicated that Bitcoin needs to surpass $83,000 to surpass its previous all-time high of $73,737.94.
“It’s only a matter of time before Bitcoin hits a new all-time high. The head and shoulders formation suggests a push towards $83,000 soon, with the resistance likely to be broken in the coming days. The optimal timeframe for this breakthrough is either today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts have expressed their optimism about risk assets in general, foreseeing new all-time highs for Bitcoin. However, they also warned that a failure to reach a sustainable high could be due to a sharp decline in Ether prices. Monitoring the $3,725 support level is crucial for traders and market analysts to consider all possible scenarios and plan for the future.
In light of Bitcoin’s current upward trajectory, cryptocurrency analyst Willy Woo has shared an analysis indicating that a potential $1.5 billion Bitcoin short sale could occur if the token hits the key milestone of $72,000. Reaching this critical level could trigger mass liquidations and propel Bitcoin to new price levels.
At the time of writing, Bitcoin was trading at $71,217.45, reflecting a 0.3% increase in the last 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial 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 surge towards historic highs.