The price of Bitcoin fell to $69,000 after the release of mixed US job data, resulting in over $411 million worth of liquidations in the crypto market. The new economic indicators revealed positive job gains but also a rise in the unemployment rate to 4%. Analysts see this as a potential delay for interest rate cuts, leading to uncertainty and increased volatility in the market, particularly for Bitcoin.
Despite the recent dip, analyst Markus Thielen from 10x Research remains optimistic about Bitcoin’s long-term prospects. He predicts that Bitcoin could reach $83,000, driven by a bullish head-and-shoulders formation and supportive macroeconomic factors. He highlights the global central bank easing cycle and the potential impact of Ethereum on Bitcoin’s price movements. Thielen emphasizes the importance of inflows, estimating that $13 billion would be needed to reach the $83,000 target.
Institutional interest in Bitcoin continues to grow, with significant acquisitions by institutions and steady inflows into US spot Bitcoin exchange-traded funds (ETFs). ETFs have seen inflows for 19 consecutive days, with BlackRock’s iShares Bitcoin Trust (IBIT) dominating at $21.07 billion in net assets. This trend demonstrates the increasing confidence of institutional investors in Bitcoin’s long-term potential.
As always, it is essential for readers to verify facts independently and consult with a professional before making any decisions based on this content. BeInCrypto is committed to providing accurate and timely information in adherence to the Trust Project guidelines. The future of Bitcoin remains uncertain, but with positive outlooks from analysts like Markus Thielen and growing institutional interest, the cryptocurrency’s long-term prospects seem promising.
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