Bitcoin could reach a new all-time high as soon as next week following the United States recording its lowest number of job openings in three years, according to crypto research platform 10x’s Markus Thielen.
Markus Thielen, head of research at 10x Research, noted in the company’s latest market update, that the significant drop in job openings is a key indicator of a potential economic slowdown.
“Last night, another critical and forward-looking job metric, job openings, slowed down significantly,”
The June 4 Job Openings and Labor Turnover (JOLT) report by the U.S. Bureau of Labor Statistics revealed that in April 2024, there were 8.1 million job openings, with around 0.8 unemployed persons per opening. This is the highest ratio since February 2021.
Thielen believes this drop could signal the start of an economic slowdown, which may lead to lower inflation—a crucial bullish indicator for Bitcoin.
In May, when the U.S. Consumer Price Index (CPI) dropped by 0.1%, Bitcoin surged 7% over the following five days, reaching $71,432, according to CoinMarketCap data. Thielen predicts that a similar 0.1% decrease in CPI to 3.3% could have the same effect on Bitcoin’s price.
“A weaker surprise could bring back rate cuts, and next week, we will get the CPI inflation report. If CPI [year-on-year] is 3.3% or lower, it will likely push Bitcoin to new all-time highs,”
Thielen stated.
Thielen noted that Bitcoin has broken out of a key consolidation triangle. A close above its current level, combined with lower U.S. inflation or employment figures, could pave the way for Bitcoin to break its current all-time high of $73,679 between June 7 and June 12.
Notably, the U.S. The Bureau of Labor Statistics will release the Employment Situation Summary on June 7, followed by CPI data on June 11.
Bitcoin’s price is currently hovering around $70,000, according to the latest trading data.
Meanwhile, many industry stakeholders have also painted similar pictures of an impending bullish run for the cryptocurrency. Recently, CryptoQuant founder and CEO Ki Young Ju has drawn parallels between the current market dynamics and those in mid-2020, a period that preceded Bitcoin’s previous bull run.
RELATED: CryptoQuant CEO Draws Parallels Between Current Bitcoin Dynamics and 2020 Bull Run Setup
In a social media post on May 31, Ki suggested that the current market conditions closely mirror those of 2020, which led to Bitcoin’s surge to $64,000 by April 2021. He pointed to possible accumulation by whales and significant inflows into Bitcoin as potential bullish signals. This pattern, Ki believes, is reminiscent of the surge in over-the-counter (OTC) sales volume observed in February 2019, further indicating the possibility of an upcoming Bitcoin rally.
Disclaimer: This report is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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