Bitcoin (BTC) Price Eyes All-Time High By June 12th – Here’s Why

Bitcoin, the king of cryptocurrencies, is on the verge of making history by breaking its all-time high. According to 10X Research, the magic number to watch is $72,000. Once Bitcoin crosses this threshold, it is expected to confirm a breakout from an inverted head-and-shoulders pattern, setting the stage for a significant rally.

The inverted head-and-shoulders pattern is a bullish indicator that signals the end of a downtrend and the beginning of a new upward trend. Markus Thielen, the mastermind behind 10X Research, has identified crucial dates for this potential breakout.

Let’s dive in, shall we?

Key Dates to Watch

According to Thielen, Bitcoin could reach new highs today, June 7th, or Wednesday, June 12th. The head-and-shoulders formation suggests that Bitcoin could rally towards $83,000 once it breaks the resistance line at $72,000. 

However, Bitcoin’s ability to surpass the $72,000 mark depends on more than just technical patterns. One significant factor is the U.S. nonfarm payrolls data, which will be released later today. If the data is weak, it could have profound implications for the cryptocurrency market.

Economic Data’s Impact on Bitcoin

Weak payroll data would bolster expectations that the U.S. Federal Reserve might follow the European Central Bank (ECB) in cutting interest rates. This anticipated move is expected to boost the cryptocurrency markets, including Bitcoin.

Bullish Momentum: Technical Indicators

Examining Bitcoin’s chart, we see consistent testing and movement above the 50 and 200-day moving averages, indicating bullish momentum. The Relative Strength Index (RSI), a momentum oscillator, is currently at 74.47, nearing the overbought zone. This suggests that Bitcoin might be approaching a temporarily overextended state.

BTC/USDt monthly trading chart. Source: TradingView

What History Tells Us

Historically, when the RSI approaches or crosses above 70, it often precedes a pullback or sideways movement as traders take profits and the asset consolidates gains. This means that while Bitcoin is on a bullish trajectory, some caution is warranted as it nears its resistance point.

Stay tuned as the next few days could be pivotal for Bitcoin and the broader cryptocurrency market.

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