Bitcoin Rally to 83,000 ? What It Takes...

Institutional Crypto Research Written by Experts

Author

Markus Thielen
June 07, 2024

👇1-11) It is only a matter of time until Bitcoin makes a new all-time high. The head-and-shoulders formation suggests a rally towards 83,000 soon, with the resistance line likely broken within the next few days. The ideal time for this resistance to break is either today, Friday, June 7, or next week, Wednesday, June 12.

Bitcoin is close to breaking the trendline + Head & Shoulders Formation

👇2-11) We are bullish. A few days ago, we pointed towards the start of the global central bank easing cycle, which has now been confirmed with interest rates being cut in Canada, Denmark, and Europe this week. With US growth, employment, and consumer spending weakening, it will only be a matter of time until inflation slows.

👇3-11) Although the Fed has only cut once during the May-November period ahead of the US Presidential elections in the last 30 years, risk assets primarily depend on the odds the market associates with rate cuts—not necessarily the actual cuts. This keeps us bullish on risk assets in general, and we expect new all-time highs for Bitcoin.

👇4-11) However, if Bitcoin fails to make a sustainable new all-time high, the reason could be a sharp decline in Ether prices, as we pointed out earlier this week. We are monitoring the 3,725 support level. As traders and market analysts, we must consider every scenario and think ahead.

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