The leading cryptocurrency Bitcoin (BTC) experienced a correction to the level of $ 103,000 after the new record of $ 111,000 in the past weeks.
Despite this correction, bullish expectations continue, with Bitfinex analysts predicting that Bitcoin could rise to $115,000 if the upcoming US employment report disappoints.
Bitfinex analysts noted that the main points of the bullish scenario are increasing institutional demand and flows into spot ETFs.
At this point, analysts predicted that Bitcoin could climb to $115,000 or higher by early July.
Analysts added that the recent pullback in Bitcoin has caused some concerns in the market, but investors still remain bullish.
“In a bullish scenario driven by strong institutional interest and ETF inflows, Bitcoin could reach $115,000 or higher by early July.”
Analysts lastly stated that the US Employment report, which will be announced on June 6, is very important for Bitcoin, and said that a weaker than expected employment report would be good for BTC.
Analysts stated that lower-than-expected employment data could strengthen the case for reducing inflation, and argued that it could prompt the FED to consider lowering interest rates earlier, which would likely support BTC’s upward momentum.
Conversely, stronger employment data could negatively impact the Fed’s interest rate decision and delay rate cuts.
This could also support the US Dollar and suppress the price of Bitcoin, pushing it below the $102,000 support or even the $100,000 level and leading to a possible accumulation in the $95,000-$97,000 range, analysts say.
“US employment data is a key indicator for Bitcoin. A weak employment data could support Bitcoin’s upward momentum.
But a stronger-than-expected report could strengthen the dollar and possibly put downward pressure on Bitcoin.”
*This is not investment advice.
