According to 10X Research, Bitcoin Priceis on the brink of breaking its all-time high in the coming days. The king of cryptocurrencies has been on a wild ride, and according to 10X, the magic number here is $72,000. Once Bitcoin crosses this threshold, it’s expected to confirm a breakout from an inverted head-and-shoulders pattern.
This pattern is a bullish indicator that typically signals the end of a downtrend and the start of a new upward trend. Markus Thielen, the brain behind 10X Research, has pinpointed dates for this potential breakout.
According to Thielen, Bitcoin could reach new highs today, June 7th, or Wednesday, June 12th. The head-and-shoulders formation suggests that Bitcoin could rally towards $83,000 once it breaks the resistance line at $72,000.
The ability of Bitcoin to break past the $72,000 mark depends on more than just technical patterns. One key factor is the U.S. nonfarm payrolls data, which is set to be released later today.
If the data turns out to be weak, it could have significant implications for the cryptocurrency market. Weak payroll data would strengthen expectations that the U.S. Federal Reserve might follow the European Central Bank (ECB) in cutting interest rates.
This is anticipated to boost the cryptocurrency markets, including Bitcoin. Taking a look at BTC’s chart, we see that the price has consistently tested and moved above the moving averages (50 and 200-day MA), which indicates bullish momentum.
BTC/USDt monthly trading chart. Source: TradingView
The Relative Strength Index (RSI), a momentum oscillator, is currently at 74.47, which is near the overbought zone. This suggests that Bitcoin might be approaching a temporarily overextended state.
Historically, when the RSI approaches or crosses above 70, it often comes before a pullback or sideways movement as traders take profits and the asset digests gains.
