According to a report by 10x Research, as cited by ChainCatcher, Bitcoin is on the verge of reaching a new all-time high. The head and shoulders pattern in Bitcoin's price chart suggests an imminent rally to $83,000, with the resistance line likely to be breached in the coming days. The ideal time for this breakthrough is expected to be today (Friday, June 7) or next week (Wednesday, June 12).
The bullish sentiment is further supported by the anticipated global central bank easing cycle, as evidenced by recent interest rate cuts in Canada, Denmark, and Europe. With weaker growth, employment, and consumer spending in the United States, it is expected that inflation will slow down, creating a favorable environment for risk assets like Bitcoin.
However, the report also highlights a potential risk factor that could hinder Bitcoin's ascent. If Ethereum's price experiences a sharp decline, it could negatively impact Bitcoin's ability to sustain new highs. Traders and market analysts are closely monitoring the $3,725 support level for Ethereum.
