Bitcoin Could Reach All-Time High Amid Slowing US Economy, Predicts Crypto Researcher
Summary:
Crypto researcher Markus Thielen predicts that Bitcoin could achieve a new all-time high as early as next week, contingent upon the confirmation of two other indicators. This follows the recent revelation of the lowest job openings in the United States in three years, indicative of a slowing economy. Thielen contends these trends could lead to lower inflation, which would positively impact Bitcoin's price. The US Bureau of Labor Statistics is set to publish key reports on June 7 and June 11, which could further influence Bitcoin's performance.
BTC, the leading cryptocurrency, might reach unprecedented levels as early as next week, drawing from the latest findings that displayed the lowest job vacancies in the US in three years—an indication of a decelerating economy. However, this prediction by a crypto analyst is contingent upon the confirmation of two other indicators. Markus Thielen, Head of Research at 10x Research, noted in his report from June 4, that a crucial predictive indicator, job vacancies, showed marked deceleration. As per the US Bureau of Labor Statistics report on Job Openings and Labor Turnover (JOLT) also released on June 4, there were 8.1 million active job openings in April against an estimated 0.8 individuals unemployed for each job opening, the highest such ratio since February 2021. Thielen propagated that these statistics may be the initial indicators of an economy exhibiting signs of deceleration and in time, this could "result in a lessened inflation"— a vital factor bolstering Bitcoin's performance. When the U.S. Consumer Price Index (CPI), an instrument to measure inflation, registered a slight decrease of 0.1% on May 15, Bitcoin's value increased by 7% in the subsequent five-day span to $71,432, as reported by CoinMarketCap. Thielen forecasts a further 0.1% reduction in CPI to 3.3% could have a similar effect on Bitcoin. Thielen noted that weaker surprises might restore rate cuts and the CPI inflation report due the following week might be a pivotal factor. If the yearly CPI is equal to or below 3.3%, Bitcoin could potentially achieve record highs. Currently, Bitcoin is valued at $71,199, having risen 12.05% over the previous 30 days according to CoinMarketCap statistics. As Thielen points out, given Bitcoin's departure from a significant consolidation triangle, closure above this level, paired with reductions in US inflation or employment statistics, could pave the path for Bitcoin to surpass its highest recorded level of $73,679 between June 7 and June 12. The US Bureau of Labor Statistics is set to publish the Employment Situation Summary on June 7, followed by the release of CPI data on June 11. It must be emphasized, however, that this article restricts itself to presenting information and does not attempt to provide investment advice or recommendations. It is crucial that investors conduct their own independent research prior to making any investment decision, given that all forms of investments and trading entail risks.
Published At
6/5/2024 8:57:55 AM
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