Analysis by 10x Research suggests that Bitcoin could potentially surge to $83,000. The conditions for this breakout include BTC surpassing $72,000 to complete an inverted head-and-shoulders pattern, which typically consists of three price troughs with the middle one being the lowest. According to 10x founder Markus Thielen, this pattern indicates that it’s just a matter of time before Bitcoin reaches a new all-time high. A move above $72,000, which is only a 1% increase from its current price of approximately $71,300, may depend on the upcoming release of U.S. nonfarm payrolls data at 08:30 ET. If the data is weak, it could strengthen the argument for Federal Reserve interest-rate cuts, potentially boosting the momentum of risk assets, including cryptocurrencies.
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