The leading cryptocurrency Bitcoin (BTC) has experienced a revision to the $103,000 level after a new record of $111,000 over the past few weeks.
Despite this revision, bullish expectations continue, with Bitfinex analysts predicting that Bitcoin could rise to $115,000 if future US employment reports are disappointing.
Bitfinex analysts noted that the main point of the bullish scenario is the increased demand for the institution, which flows into spot ETFs.
At this point, analysts predicted that Bitcoin could rise to more than $115,000 by early July.
Analysts added that Bitcoin’s recent pullback has sparked some concerns in the market, but investors are still bullish.
“In a bullish scenario driven by strong institutional interest and an influx of ETFs, Bitcoin could reach more than $115,000 by early July.”
Analysts finally said that the US employment report, released on June 6, is extremely important for Bitcoin, and that a weaker than expected employment report is good for BTC.
Analysts said lower than expected employment data could bolster cases to reduce inflation, and argued that the Fed could urge them to consider early reductions in interest rates that are likely to support the upward momentum of BTC.
Conversely, strong employment data can have a negative impact on the Fed’s interest rate decisions and delay rate reductions.
This could also support the US dollar, curb the price of Bitcoin, fall below the $102,000 support or $100,000 level and accumulate in the $95,000 to $97,000 range, analysts say.
“U.S. employment data is a key indicator of Bitcoin. Weak employment data can support Bitcoin’s upward momentum.
However, a stronger than expected report could bolster the dollar and perhaps put downward pressure on Bitcoin. ”
*This is not investment advice.
