As a seasoned crypto investor with a keen eye for market trends, I’m bullish on Bitcoin despite its recent retreat from the resistance level at $71,600. The head and shoulders chart pattern, as pointed out by Markus Thielen of 10x Research, is still in play, and a rally towards new all-time highs is imminent once this resistance is broken. I agree with Thielen’s analysis that the global central bank easing cycle will eventually lead to lower inflation and weaker employment data, which will provide the macro backdrop for Bitcoin’s price surge.
As an analyst, I believe it’s just a matter of time before Bitcoin sets a new record high. (Markus Thielen, 10x Research CEO expressed this viewpoint in a note on June 7)
An analyst has noticed a “head and shoulders” pattern forming in the charts, which is about to reach its conclusion. This development might lead to a “significant rise towards 83,000” according to his prediction, possibly within the next week if the resistance level is surmounted.
I acknowledge that Bitcoin encountered resistance and retreated slightly to around $69,000 on June 7. However, my optimistic outlook persists as the chart pattern continues to unfold.
Bitcoin Still Bullish
As an analyst, I’m optimistic about the market situation due to the commencement of the global central bank easing cycle. This week, we’ve seen evidence of this trend with rate cuts in Canada and Europe.
“Given the recent downturn in American economic expansion, job creation, and consumer expenditures, it’s inevitable that inflation rates will eventually decelerate.”
The US job market showed contrasting results as the unemployment rate went up to 4.0%, while there was a larger-than-expected increase in employment numbers. Conversely, the value of bitcoin rose by a modest 3.1% against anticipation, despite a significant $4.8 billion influx during the previous week. Experts had projected a more substantial 5.8% price hike based on regression analysis.
Thielen offered an intricate examination of the connection between bitcoin’s price fluctuations and monetary inflows, implying approximately $13 billion in fresh investments would be necessary to push the price to $83,000. Breaking above the $71,600 resistance line would spark further buying momentum; however, amassing $13 billion worth of investments “represents a significant investment,” he cautioned.
As a crypto investor, I believe there’s a good chance we’ll see new all-time highs in the market next week. The reason being, the US employment market is expected to be weaker than before, and inflation data is projected to come in at 3.3%. These macroeconomic factors could create an ideal environment for further price gains.
As an analyst, I’ve noticed that according to Charles Edwards, the founder of Capriole Fund, persistent selling by long-term holders is hindering price advancements.
Why aren’t we at $100,000 yet?
US Bitcoin ETFs have acquired 200% of the Bitcoin mined since launch in mid-January.
At $71K, Bitcoin is up 50% since the ETFs launched, but many are asking why not more?
— Charles Edwards (@caprioleio) June 7, 2024
I analyzed the Bitcoin market and found that its price was at $69,420 during the Sunday morning Asian session. After experiencing a 2.5% decrease in the past few days, it showed signs of finding support. However, if this support fails to hold, the price could potentially drop towards the support levels around $67,500. Conversely, for any further upward momentum, Bitcoin must break above the resistance level at $71,500.
Where Next for Ethereum?
As a crypto investor, I would put it this way: I’m not overly optimistic about Ethereum. In fact, from a fundamental perspective, my team and I anticipate that Ethereum will underperform, and we believe the demand for an Ethereum ETF may fall short of expectations.
At the close of last week, Ethereum dropped below a significant support level at $3,725, causing its price to slide down to $3,640. However, by the early hours of the weekend, it had regained the $3,700 mark.
#Ethereum Breaks Key $3,725 Support: Imminent Liquidations Expected?
— 10x Research (@10x_Research) June 8, 2024
From a broader perspective, cryptocurrency markets continue to stay within their established price ranges and are currently in the accumulation phase, which is commonly seen following a Bitcoin halving.
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2024-06-09 12:03