A positive forecast has projected a bullish trend for Bitcoin, with the largest cryptocurrency expected to reach $83,000 in the near future. According to technical analysis from the 10x Research platform, BTC is poised to rally to the $83,000 level after completing a significant bullish pattern on its daily chart.
Sustained price action above the $72,000 zone would confirm a breakout of an inverted head and shoulders pattern. Analysts from the platform have revealed that Bitcoin needs to surpass $83,000 to break its all-time high price of $73,737.94.
“It is inevitable that Bitcoin will reach a new all-time high. The head and shoulders formation indicates a potential surge towards $83,000 soon, 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 have expressed their optimism for risk assets in general, foreseeing new all-time highs for Bitcoin. However, they have also acknowledged the possibility of a failure to achieve a sustainable high, which could be attributed to a sharp decline in Ether prices. Monitoring the support level at $3,725 is crucial for traders and market analysts to consider various scenarios for the future.
In a recent analysis, cryptocurrency analyst Willy Woo emphasized the significance of Bitcoin reaching the critical level of $72,000, which could trigger mass liquidations and propel the cryptocurrency to new price levels. If Bitcoin manages to touch $72,000, it could lead to a cascade of liquidations totaling $1.5 billion in short positions, potentially pushing the price to a new all-time high.
As of the time of publication, the price of Bitcoin was at $71,217.45, reflecting 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 or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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