One optimistic forecast has confirmed the upward trajectory of the largest cryptocurrency, projecting a rise in the price of Bitcoin to $83,000 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.
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 have revealed that Bitcoin needs to surpass $83,000 to break its previous all-time high of $73,737.94.
“It is inevitable that Bitcoin will reach 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 times for this breakthrough are either today, Friday, June 7th, or next week, Wednesday, June 12th.”
The analysts have expressed their optimism about risk assets in general, anticipating new all-time highs for Bitcoin. However, they have also noted that a failure to reach a sustainable high could be attributed to a sharp decline in Ether prices. They are closely monitoring the $3,725 support level and considering various scenarios for the future.
In a related development, cryptocurrency analyst Willy Woo shared an analysis on June 4, suggesting that there could be a potential $1.5 billion Bitcoin short sale if the token reaches the crucial milestone of $72,000. This level is seen as a trigger point that could lead to mass liquidations and propel the cryptocurrency to new price levels.
Currently, the price of Bitcoin stands at $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 do not constitute financial 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 surges towards historic highs.