An optimistic forecast has predicted a rise in the price of Bitcoin, estimating it to reach US$83,000 in the near future. Technical analysis from the 10x Research platform suggests that BTC is poised for a rally towards the $83,000 level after completing a bullish pattern on its daily chart.
If Bitcoin maintains sustained price action above the $72,000 zone, it would confirm a breakout of an inverted head and shoulders pattern. Analysts from the platform have indicated that Bitcoin needs to surpass the US$83,000 mark to break its previous all-time high of US$73,737.94.
According to the analysts, it is only a matter of time before Bitcoin reaches a new all-time high, with a potential rally towards $83,000 on the horizon. The ideal time for this resistance to break is anticipated to be either Friday, June 7th, or Wednesday, June 12th.
The analysts have expressed optimism about risk assets in general, expecting new all-time highs for Bitcoin. However, they have also acknowledged potential risks, such as a sharp decline in Ether prices, which could impact Bitcoin’s performance.
In response to Bitcoin’s upward movement, cryptocurrency analyst Willy Woo has shared an analysis highlighting a potential short sale worth $1.5 billion if Bitcoin reaches the critical milestone of US$72,000. This could trigger mass liquidations and propel Bitcoin to new price levels.
As of the current update, Bitcoin is trading at US$71,217.45 with 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.
In other news, industry expert Mark Yusko has expressed optimism about the cryptocurrency sector and recommends considering investments in cryptocurrencies as Bitcoin’s price continues to soar towards historic highs.