A recent optimistic forecast has confirmed the upward trajectory of the largest cryptocurrency, Bitcoin, with a projected price increase to 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 following the completion of a significant bullish pattern on its daily chart.
If sustained price action above the $72,000 zone occurs, it would signal a breakout of an inverted head and shoulders pattern. Analysts from the platform have indicated that Bitcoin needs to surpass the $83,000 mark to break its previous all-time high price of US$73,737.94.
“It is only a matter of time before Bitcoin reaches a new all-time high. The formation of a head and shoulders pattern suggests a potential recovery towards $83,000 soon, with the resistance line likely to be breached 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 regarding risk assets in general, anticipating new all-time highs for Bitcoin. However, they also mentioned the possibility of Bitcoin failing to achieve a sustainable high, citing a potential sharp decline in Ether prices. They emphasized the importance of monitoring the support level at $3,725 and considering all possible scenarios for the future.
In a separate analysis, cryptocurrency analyst Willy Woo suggested that reaching the crucial milestone of $72,000 could trigger a significant Bitcoin short sale worth $1.5 billion, leading to mass liquidations and propelling the cryptocurrency to new price levels.
As of the latest update, the price of Bitcoin is quoted at US$71,217.45, showing a 0.3% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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