A recent optimistic forecast has predicted a rise in the price of Bitcoin, estimating it to reach US$83,000 in the coming days. According to technical analysis from the 10x Research platform, BTC is poised to rally to the $83,000 level after forming a bullish pattern on its daily chart.
If Bitcoin can sustain its price above the $72,000 zone, it would confirm a breakout of an inverted head and shoulders pattern. Analysts from the platform have revealed that for Bitcoin to break higher towards US$83, it needs to surpass its all-time high price of US$73,737.94.
“It’s just a matter of time before Bitcoin hits a new all-time high. The head and shoulders pattern suggests a rise towards 83,000 soon, with the resistance likely to be broken in the next few days. The ideal dates for this breakout are today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts have shown optimism towards risk assets in general, anticipating new all-time highs for Bitcoin. However, they also caution that if Bitcoin fails to reach a sustainable new high, it could be due to a sharp decline in Ether prices, as mentioned earlier in the week.
In light of Bitcoin’s upward momentum, cryptocurrency analyst Willy Woo shared an analysis on June 4, indicating a potential short sale of $1.5 billion if Bitcoin reaches the crucial milestone of US$72,000. The analysis suggests that reaching this level could trigger mass liquidations and push Bitcoin to new price levels.
At the time of writing, the price of Bitcoin was at US$71,217.45, showing a 0.3% increase in the last 24 hours.
Disclaimer: The views expressed in this article are for informational purposes only and do not constitute financial advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Mark Yusko expresses optimism about the industry and recommends investing in cryptocurrencies. Bitcoin (BTC) price surges towards historic highs.