Bitcoin was traded at $69,420 on Sunday, June 10, and could not maintain the record it reached by exceeding $70,000 on June 7. While BTC is preparing to close the week below $ 70 thousand, analysts predict that new peaks may be seen in the near future.
10x Research CEO Markus Thielen made the following statements in a post he made on June 7:
“It is only a matter of time before Bitcoin reaches an all-time high.”
Thielen stated that he observed a chart formation known as “reverse head and shoulders” and that this could result in a rally towards $83,000.
However, Bitcoin did not rise as quickly as Thielen predicted and fell to just over $69,000 on June 7. Despite this, Thielen believes that the upward trend will continue and emphasizes that the chart formation is still valid.
The reasons behind Thielen's optimism are as follows:
Central banks are preparing to reduce interest rates: Citing plans to reduce interest rates in Canada and Europe, Thielen argues that global central banks continue to increase the money supply, which will increase interest in risky assets such as Bitcoin.
The economy is cooling down in the USA: Thielen predicts that the US economy is slowing down and inflation will start to fall. He thinks that this situation will direct investors to risky assets.
Although analysts are cautious, they maintain their upward expectations. Capriole Fund founder Charles Edwards argues that long-term investors' sales prevented the rise in Bitcoin prices. Thielen, on the other hand, thinks that Ethereum will not perform as well as Bitcoin in the short term.
Even though Bitcoin remains below the $70,000 resistance, analysts still believe that the bull market will continue. Thielen, who set a target price of $ 83,000, also states that a new investment of $ 13 billion is required to achieve this target.
Low inflation and weak employment data expected in the USA in the coming period may lead to increased interest in cryptocurrencies.
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