Analysts indicate that if institutional buying continues and U.S. employment data comes in "below expectations," Bitcoin could break through $115,000 next month, setting a new all-time high.
Bitfinex analysts revealed to Cointelegraph: "In a bullish scenario, driven by strong institutional investment interest and ETF inflows, Bitcoin could reach $115,000 or higher by early July."
According to Farside data, the U.S. spot Bitcoin ETF performed strongly in May, recording approximately $5.24 billion in net inflows.
Data from CoinMarketCap shows that Bitcoin surged throughout the month, peaking at $111,970 on May 22, but has since retreated to $104,823 as of the time of writing.
Bitfinex analysts noted that although this pullback "has raised some concerns, overall investor sentiment remains optimistic."
Market confidence also remains robust, with the sentiment tracking indicator "Crypto Fear and Greed Index" showing "Greed," scoring 57 out of 100.
The U.S. Bureau of Labor Statistics is set to release the monthly employment report on June 6.
U.S. employment data is a crucial indicator for Bitcoin, as it influences the Federal Reserve's interest rate decisions, which in turn affects market sentiment towards Bitcoin and other risk assets.
"A stronger-than-expected report could delay rate cuts, strengthen the dollar's position, and potentially create downward pressure on Bitcoin," said Bitfinex analysts.
However, they added that a "weaker-than-expected" report could reinforce the "deflation narrative," prompting the Federal Reserve to consider earlier rate cuts, which would be a positive factor for Bitcoin.
"If the employment report shows a stronger labor market, Bitcoin may test support levels around $102,000 or lower," the analysts pointed out. "Overall, the report's outcome will be a key turning point for short-term traders, but in the larger picture, it is just a small part of the overall puzzle."
Bitfinex's bearish outlook analysis suggested that Bitcoin could fall below the key psychological level of $100,000, entering the range of $95,000 to $97,000, where there may be "good accumulation opportunities."
The last time Bitcoin traded in the $97,000 range was on May 7.
Previously, several cryptocurrency analysts had predicted that Bitcoin would reach a new all-time high in June, while in reality, Bitcoin had already surged to $111,970 in May.
On March 28, Real Vision's chief crypto analyst Jamie Coutts told Cointelegraph that the market "may have underestimated the speed of Bitcoin's rise, with the potential to set a new all-time high before the end of the second quarter."
Related: A man was arrested in Ukraine for hacking custody accounts to mine cryptocurrency.
Original article: “Analysts: Bitcoin (BTC) Expected to Reach $115,000 in July, but Strong U.S. Employment Data May Threaten Uptrend”
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