An optimistic forecast has confirmed the upward trajectory of the largest cryptocurrency, Bitcoin, predicting a 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 after completing a significant bullish pattern on its daily chart.
A sustained price movement above the $72,000 zone would signal a breakout of an inverted head and shoulders pattern. The analysts at the platform revealed that Bitcoin needs to surpass the all-time high price of US$73,737.94 to continue rising towards US$83,000.
“It is inevitable that Bitcoin will achieve a new all-time high. The head and shoulders formation indicates a 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 expressed their optimism about 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 attributed to a 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.
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 analysis underscores the significance of Bitcoin reaching the critical level of US$72,000, which could trigger mass liquidations and propel the cryptocurrency to new price levels.
At the time of writing, the price of Bitcoin was quoted at US$71,217.45, reflecting a 0.3% increase in the last 24 hours.
Disclaimer: 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.
Editor’s Choice: Mark Yusko expresses optimism about the industry and recommends investing in cryptocurrencies as Bitcoin’s price soars and approaches historic highs.
