Renowned analyst Markus Thielen has made a bold prediction, suggesting that Bitcoin could skyrocket to $83,000 in the near future. Thielen, the founder of 10x Research, has identified a significant bullish price formation on Bitcoin’s daily chart, indicating a potential breakout.
The pattern, known as an inverted head and shoulders, typically signals a reversal of a downtrend and the start of an uptrend. Thielen believes that once Bitcoin breaks above $72,000, it will confirm this pattern and set the stage for a rally towards $83,000.
Thielen has pinpointed two possible dates for this breakout to occur – either today, Friday, June 7, or next Wednesday, June 12. His forecast comes amidst anticipation of critical US economic data that could influence the Federal Reserve’s decision on interest rates.
If the economic data shows weakness, it could strengthen the case for a rate cut by the Federal Reserve, potentially boosting risk assets like cryptocurrencies. Some investment banks are already predicting a rate cut in July to stimulate liquidity.
As always, it’s important to note that this is not investment advice. For those interested in trading over 300 cryptocurrencies, Binance exchange is offering a 20% commission discount through this link. Stay updated on the latest news, analytics, and on-chain data by following our Telegram and Twitter accounts.
