{"id":2494,"date":"2024-06-09T08:55:05","date_gmt":"2024-06-09T08:55:05","guid":{"rendered":"https:\/\/cryptd.in\/bitcoin-bulls-eye-83000-if-this-technical-pattern-pattern-plays-out\/"},"modified":"2024-06-09T08:55:05","modified_gmt":"2024-06-09T08:55:05","slug":"bitcoin-bulls-eye-83000-if-this-technical-pattern-pattern-plays-out","status":"publish","type":"post","link":"https:\/\/cryptd.in\/ko\/bitcoin-bulls-eye-83000-if-this-technical-pattern-pattern-plays-out\/","title":{"rendered":"Bitcoin Bulls Eye $83,000 if This Technical Pattern Pattern Plays Out"},"content":{"rendered":"

\u201cIt is only a matter of time until Bitcoin makes a new all-time high,\u201d said 10x Research CEO Markus Thielen in a note on June 7.<\/p>\n

The analyst has observed<\/a> a \u201chead and shoulders\u201d chart pattern, which is nearing completion. This could result in a \u201crally towards 83,000 soon,\u201d he said, predicting that this may occur within the next week if resistance is broken.<\/p>\n

However, bitcoin did hit resistance and retreated<\/a> to just over $69,000 on June 7. Nevertheless, the analyst remains bullish, and the chart pattern is still in play.<\/p>\n

Bitcoin Still Bullish<\/h2>\n

\u201cWe are bullish,\u201d Thielen said, citing the start of the global central bank easing cycle, which has now been confirmed with interest rates being cut in Canada and Europe<\/a> this week.<\/p>\n

\u201cWith US growth, employment, and consumer spending weakening, it will only be a matter of time until inflation slows.\u201d<\/p>\n

US employment data<\/a> was mixed, with the unemployment rate climbing to 4.0%, but an upside surprise was the number of jobs added.\u00a0However, bitcoin prices have only climbed by 3.1% despite $4.8 billion of inflows during the past week, he said before adding that this was below the projected 5.8% rally predicted by regression analysis.<\/p>\n

Thielen provided a detailed analysis of bitcoin\u2019s price movements correlated to inflows of money, suggesting around $13 billion in new inflows would be needed to reach $83,000. A breakout above the $71,600 trend line will result in more upside buying, but $13 billion in inflows \u201crequires quite some commitment,\u201d he said before adding:<\/p>\n

\u201cNevertheless, we think this is possible as a weaker US employment market and lower inflation data next week (3.3%) will likely provide the macro backdrop for new all-time highs.\u201d<\/p>\n

Capriole Fund founder Charles Edwards said that long-term holder selling was preventing prices from pushing higher.<\/p>\n

Why aren\u2019t we at $100,000 yet?<\/p>\n

US Bitcoin ETFs have acquired 200% of the Bitcoin mined since launch in mid-January.<\/p>\n

At $71K, Bitcoin is up 50% since the ETFs launched, but many are asking why not more? pic.twitter.com\/v86Aagvys4<\/a><\/p>\n

\u2014 Charles Edwards (@caprioleio) June 7, 2024<\/a><\/p>\n\n

BTC was trading at $69,420, and it found support during the Sunday morning Asian session, following a 2.5% decline in the past few days. A further breakdown could see it fall to support levels at $67,500. However, BTC needs to break $71,500 to see any further upward momentum.<\/p>\n

Where Next for Ethereum?<\/h2>\n

Thielen was not so bullish about Ethereum. \u201cFundamentally, we are less bullish on Ethereum and expect ETF demand for Ether to disappoint,\u201d he said.<\/p>\n

Ethereum broke key support at $3,725 in the end-of-week dip<\/a> in a fall to $3,640, but it managed to reclaim the $3,700 level during early weekend trading.<\/p>\n

1TP5\ud14c\ub354\ub9ac\uc6c0<\/a> Breaks Key $3,725 Support: Imminent Liquidations Expected? https:\/\/t.co\/qgpGq32gSK<\/a> pic.twitter.com\/vo2J5zmPFD<\/a><\/p>\n

\u2014 10x Research (@10x_Research) June 8, 2024<\/a><\/p>\n\n

Zooming out, crypto markets remain within their range-bound channel and in the accumulation zone that typically follows a BTC halving event.<\/p>\n

\uac8c\uc2dc\ubb3c Bitcoin Bulls Eye $83,000 if This Technical Pattern Pattern Plays Out<\/a> \uc5d0 \ucc98\uc74c \ub4f1\uc7a5 \ud06c\ub9bd\ud1a0\ud3ec\ud14c\uc774\ud1a0<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

\u201cIt is only a matter of time until Bitcoin makes a new all-time high,\u201d said 10x Research CEO Markus Thielen in a note on June 7. The analyst has observed a \u201chead and shoulders\u201d chart pattern, which is nearing completion. This could result in a \u201crally towards 83,000 soon,\u201d he said, predicting that this may […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[37],"class_list":["post-2494","post","type-post","status-publish","format-standard","hentry","category-feeds","tag-ethereum"],"yoast_head":"\nBitcoin Bulls Eye $83,000 if This Technical Pattern Pattern Plays Out - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/ko\/bitcoin-bulls-eye-83000-if-this-technical-pattern-pattern-plays-out\/\" \/>\n<meta property=\"og:locale\" content=\"ko_KR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Bulls Eye $83,000 if This Technical Pattern Pattern Plays Out - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"\u201cIt is only a matter of time until Bitcoin makes a new all-time high,\u201d said 10x Research CEO Markus Thielen in a note on June 7. The analyst has observed a \u201chead and shoulders\u201d chart pattern, which is nearing completion. 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