Bitcoin ended the week by dropping below $70,000, but analysts expect it to reach a new all-time high soon.

Markus Thielen, CEO of 10x Research, stated in a note on June 7, "It is only a matter of time until Bitcoin makes a new all-time high."

Thielen pointed to a "head and shoulders" chart pattern nearing completion, suggesting a potential rally towards $83,000. He predicts this could happen within this week if Bitcoin breaks through its resistance.