An optimistic forecast has confirmed the upward trend of the largest cryptocurrency, predicting a rise in the price of Bitcoin to US$83 thousand in the near future. According to a technical analysis from the 10x Research platform, BTC may be gearing up for a rally to the $83,000 level after completing a significant bullish pattern on its daily chart.
If the price action remains above the $72,000 zone, it could indicate a breakout of an inverted head and shoulders pattern. Analysts from the platform have revealed that Bitcoin needs to surpass US$83 in order to break its previous all-time high price of US$73,737.94.
“It is inevitable that Bitcoin will achieve a new all-time high. The head and shoulders formation points towards a recovery to $83,000 soon, with the resistance line likely to be breached in the upcoming days. The optimal time 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, foreseeing 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 sharp decline in Ether prices. They are closely monitoring the $3,725 support level and are 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. Reaching this level could trigger mass liquidations and propel the largest cryptocurrency to new price levels.
Currently, the price of Bitcoin is 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 as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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