Bitcoin (BTC) could hit a new all-time high next week following the lowest U.S. job postings in three years, a sign of an economic slowdown, but two other indicators need to be confirmed, according to a cryptocurrency researcher.
“Job postings, another important and forward-looking job metric, slowed significantly last night,” 10x Research research director Markus Thielen wrote in a June 4 report.
There were 8.1 million job openings in the U.S. in April and about 0.8 unemployed people per job, the most since February 2021, according to the Bureau of Labor Statistics’ June 4 Jobs and Labor Turnover (JOLT) report. That’s a high percentage.
According to Thielen, this could be the first economic indicator to suggest a slowdown, which “will lead to lower inflation,” which are all key bullish indicators for Bitcoin.
When the U.S. Consumer Price Index (CPI), which measures inflation, fell 0.1% on May 15, Bitcoin rose 7% over the next five days to $71,432, according to CoinMarketCap data.
Thielen believes a further 0.1% decrease in the CPI to 3.3% would have a similar effect.
“A mild surprise could bring another rate cut and we will get the CPI inflation report next week. If CPI (year-over-year) is below 3.3%, Bitcoin will likely hit a new all-time high.”
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At the time of publication, Bitcoin is trading at $71,199.
Thielen said that given Bitcoin’s departure from the main consolidation triangle, if U.S. inflation or employment figures decline and surpass these levels, Bitcoin will likely break its current all-time high of $73,679 between June 7 and June 7. He pointed out that it can lead to a clear path. June 12th
The U.S. Bureau of Labor Statistics is scheduled to release a summary of employment conditions on June 7 and CPI data on June 11.
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