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It's Big & Big #alert About $BTC to $83K Soon Analysis !!!
Analyst Predicts Bitcoin May Reach $83,000 Despite Recent Downturn
Bitcoin’s (BTC) price fell to $69,000 after Friday’s mixed US job data release, leading to over $411 million in liquidations.
This decline followed the crypto market’s reaction to new economic indicators, which showed both positive and concerning signs for the US economy.
Economic Indicators and Market Sentiment Set the Stage for Bitcoin’s Next Move
Non-farm payrolls expanded to 272,000 for May, significantly above April’s 165,000 and the Dow Jones estimate of 190,000. However, the unemployment rate rose to 4% for the first time since January 2022.
Job gains were notable in health care, government, leisure, and hospitality. Analysts see this report as hawkish, suggesting it may delay interest rate cuts.
According to the CME FedWatch Tool, futures indicate a 50.5% chance of a rate cut by September. The market remains uncertain, leading to increased volatility in the crypto market, especially for Bitcoin.
“To reach the $83,000 head-and-shoulders target (+17%), we would need to see $13 billion of inflows across various verticals—that’s what it takes.
A breakout above the $71,600 trend line will naturally result in more upside buying through multiple products, but $13 billion requires quite some commitment.
Nevertheless, we think this is possible as a weaker US employment market (unemployment rate at 4%) and lower inflation data next week (3.3%) will likely provide the macro backdrop for new all-time highs,” he elaborated.