An optimistic forecast suggests that the price of Bitcoin could rise to US$83,000 in the near future, according to a technical analysis from the 10x Research platform. The analysis indicates that BTC may be gearing up for a rally to the $83,000 level after completing a bullish pattern on its daily chart.
If Bitcoin can maintain sustained price action 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 soon. The head and shoulders formation signals a potential surge towards $83,000, with the resistance line likely to be breached in the coming days. The optimal timeframe for this breakout is either today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts expressed their confidence in risk assets in general, anticipating new all-time highs for Bitcoin. However, they also warned that if Bitcoin fails to reach a sustainable new high, it could be due to a significant drop in Ether prices. They are closely monitoring the $3,725 support level and considering various scenarios for the future.
As Bitcoin continues its upward trajectory, cryptocurrency analyst Willy Woo shared an analysis on June 4, suggesting that a potential Bitcoin short sale worth $1.5 billion could be triggered if the token reaches the crucial milestone of US$72,000. This could lead to 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, with a 0.3% increase in the last 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered 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 the price of Bitcoin (BTC) continues to soar towards historic highs.
