A recent optimistic forecast has predicted a rise 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 could be gearing up for a rally to the $83,000 level after completing a significant bullish pattern on its daily chart.
If Bitcoin can sustain its price above the $72,000 zone, it would confirm a breakout of an inverted head and shoulders pattern. Analysts from the platform have revealed that Bitcoin needs to surpass US$83 to break its all-time high of US$73,737.94.
The analysts are confident that it is only a matter of time before Bitcoin hits a new all-time high. They believe that the head and shoulders formation indicates a potential recovery towards $83,000 soon, with the resistance line likely to be breached in the coming days, ideally on either Friday, June 7th, or Wednesday, June 12th.
The analysts have expressed optimism about risk assets in general, foreseeing new all-time highs for Bitcoin. However, they caution that a failure to achieve a sustainable high could be due to a sharp decline in Ether prices. They are closely monitoring the $3,725 support level and stress the importance of considering all scenarios as traders and market analysts.
Cryptocurrency analyst Willy Woo has also shared an analysis indicating that a potential Bitcoin short sale worth $1.5 billion could be triggered if the token reaches the crucial milestone of US$72,000. Reaching this level could lead to mass liquidations and propel Bitcoin to new price levels.
As of the latest update, Bitcoin’s price stands at US$71,217.45, showing a 0.3% increase in the last 24 hours.
It is essential to note that the views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
In summary, there is growing optimism in the industry regarding Bitcoin’s price trajectory, with experts predicting a potential rally to US$83,000 and beyond.