Bitcoin could rise to $83k in coming days, analyst says

-- 10x Research predicts a Rally to $83,000 based on technical analysis.

-- A bull breakout is likely to happen on Friday or next week.

According to 10x Research's technical analysis, Bitcoin (BTC) could rise to $83,000 as it completes a major bullish price pattern on the daily chart.

A price move above $72,000 would confirm a breakout of the inverted head-and-shoulders pattern characterized by three price lows, with the middle one of ONE being the deepest.

"It's only a matter of time before Bitcoin hits a new record high. The head-and-shoulders formation suggests a Rally to 83,000 soon, with the resistance line likely to be broken over the next few days. The ideal time for this resistance. breakout will occur either today, Friday, June 7, or next week, Wednesday, June 12,” said Markus Thielen, founder of 10x Research, in a note provided to CoinDesk.

According to technical analysis theory, an inverted head-and-shoulders pattern usually forms after a downtrend and reverses upward after a breakout. The pattern rarely appears in an uptrending market, signaling a bullish continuation.

A break above $72,000 depends on the U.S. non-farm payrolls data to be released on Friday at 12:30 UTC.

According to Bloomberg, economists generally estimate that the economy added 180,000 jobs in May, nearly matching the 175,000 gain in April. The unemployment rate is expected to remain at 3.9% in May. The median estimate of average hourly earnings is 0.3%, slightly above April's pace, leading to a 3.9% increase in 12-month wages for the second consecutive month.

Weak data could strengthen the case for a Fed rate cut, adding to the momentum in risk assets, including cryptocurrencies. Some investment banks already expect the central bank to move to resume liquidity easing through rate cuts in July.#BTC