Bitcoin is on the verge of a potential rally, with a possible rise to $83,000, according to analysis by 10x Research. This significant jump is dependent on Bitcoin breaking above the $72,000 mark, thus completing an inverted head and shoulders pattern. This pattern, characterized by three price lows, the middle one being the deepest, indicates that a new high for the price of Bitcoin could be imminent, says Markus Thielen, the founder of 10x.
The key to this breakout, a slight 1% rise from its current price of roughly $71,300, could be the upcoming release of US non-farm payrolls data. Scheduled for release at 08:30 ET, this data could play a crucial role in Bitcoin's performance. If the data is weaker than expected, it could strengthen the case for the Federal Reserve to cut interest rates. That, in turn, could fuel an upward push in risk assets, including cryptocurrencies like Bitcoin.
In essence, the future of Bitcoin's price hangs in the balance, with potential influences ranging from the completion of the pattern to economic data. As the world awaits the release of non-farm payrolls data, the cryptocurrency market is bracing for possible changes. The potential rise to $83,000 could mark a new high for Bitcoin, further cementing its place in the financial world.
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