10x Research: Bitcoin will soon rebound to 83,000, and the resistance line is likely to be broken in the next few days
ChainCatcher News, 10x Research has stated that it's only a matter of time before Bitcoin hits a new historical high. The head and shoulders pattern suggests that Bitcoin will soon rebound to $83,000, with the resistance line likely to be broken in the next few days. The ideal time for this breakthrough would be today (Friday, June 7) or next week (Wednesday, June 12).
We are bullish. A few days ago, we pointed out that the global central bank easing cycle is about to begin and this week's rate cuts in Canada, Denmark and Europe have confirmed this. With weakening U.S economic growth, employment and consumer spending; inflation slowdown is just a matter of time. Although the Federal Reserve has only cut rates once during May-November period prior to US presidential elections in past 30 years; risk assets mainly depend on market expectations of rate cuts rather than actual rate cuts. This makes us generally optimistic about risk assets and we expect Bitcoin to hit an all-time high.
However if Bitcoin fails to achieve sustainable new highs it could possibly due to Ethereum prices plummeting significantly as we pointed out earlier this week. We are monitoring support at $3,725 level closely . As traders and market analysts ,we must consider every scenario and think ahead.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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