Bitcoin (BTC) could hit a new all-time high as soon as next week following the lowest United States job openings in three years — a sign of a slowing economy — but two other indicators must be confirmed, according to a crypto researcher.

“Last night, another critical and forward-looking job metric, job openings, slowed down significantly,” 10x Research head of research Markus Thielen wrote in a June 4 report.

The U.S. Bureau of Labor Statistics June 4 report on Job Openings and Labor Turnover (JOLT) showed in April the country had 8.1 million job openings with around 0.8 unemployed persons per job opening, the highest ratio since February 2021.

According to Thielen, it could be the first of the economic indicators suggesting an economic slowdown, which will all “lead to a lower inflation” — a key bullish indicator for Bitcoin.

When the inflation-measuring U.S. Consumer Price Index (CPI) results lowered by 0.1% on May 15, Bitcoin surged 7% over the following five days to $71,432.