An optimistic forecast has predicted a significant increase in the price of Bitcoin, estimating it to reach 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 after completing a bullish pattern on its daily chart.
If the price of Bitcoin can sustain above the $72,000 zone, it would confirm a breakout of an inverted head and shoulders pattern. Analysts from the platform believe that Bitcoin needs to break higher towards US$83,000 to surpass its previous all-time high price of US$73,737.94.
“It is inevitable that Bitcoin will reach a new all-time high. The formation of a head and shoulders pattern indicates a push towards $83,000 soon, with the resistance likely to be broken in the coming days. The optimal time for this breakthrough is either today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts at 10x Research expressed their confidence in risk assets in general, anticipating new all-time highs for Bitcoin. However, they also warned that a failure to reach a sustainable new high could be due to a sharp decline in Ether prices. They are closely monitoring the support level of 3,725 and considering various scenarios for the future.
Cryptocurrency analyst Willy Woo shared an analysis on June 4, suggesting that a potential Bitcoin short sale worth $1.5 billion could occur if the token reaches the crucial milestone of US$72,000. This level is seen as a trigger that could lead to mass liquidations and propel Bitcoin to new price levels.
“At 72k, the fuse is set to ignite a liquidation cascade. There are $1.5 billion in short positions waiting to be liquidated up to $75 and a new all-time high.”
As of the latest data, the price of Bitcoin is at US$71,217.45, showing a 0.3% increase in the last 24 hours.
Please note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Mark Yusko has expressed optimism about the industry and recommended investing in cryptocurrencies as the price of Bitcoin continues to soar towards a historic high.