[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"c0687c62-bf7f-41b8-8067-cecdbe727f1d","updated_at":"2024-06-06T08:55:00.106+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"US job openings are at a 3-year low and inflation shows signs of easing, fueling speculation of a Bitcoin surge. Could the king of crypto smash its all-time high by June 12th, or is this just another market bubble waiting to burst?","sapo":"Bitcoin could be on the verge of a historic price surge! Economic data suggests a US slowdown, potentially leading Bitcoin to break its all-time high by June 12th.","title":"Bitcoin Blasts Off? US Job Slump and Cooling Inflation Hint at New All-Time High","content":"

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Bitcoin bulls are charging ahead, with the possibility of a fresh all-time high looming on the horizon. This bullish tone is supported by recent economic statistics across the US, suggesting the possibility of an economic downturn. According to the crypto researcher Markus Thielen, the circumstances that were claimed to be behind the increase in Bitcoin price to its all-time high of $73,679 soon may repeat themselves.

Bitcoin price

The key data point comes from the U.S. Bureau of Labor Statistics' June 4th Job Openings and Labor Turnover (JOLT) report. This report revealed a stark decline in job openings, marking the lowest level in three years. April saw only 8.1 million positions available, with a high ratio of unemployed persons per job opening (around 0.8). This data suggests a potential cooling of the US economy.

Historically, Bitcoin has thrived in environments with lower inflation. This is why investors are closely watching the upcoming Consumer Price Index (CPI) data release on June 11th. A 0.1% decrease in the May 15th CPI report triggered a 7% surge in Bitcoin's price over the following five days, pushing it to $71,432. Thielen predicts a similar positive reaction if the June 11th data shows another 0.1% decrease, bringing inflation down to 3.3%.

Adding fuel to the fire is Bitcoin's recent breakout from a consolidation triangle pattern, a technical indicator suggesting a potential price surge once a specific price level is breached. Thielen believes that maintaining the current price point (around $71,199) alongside confirmation of lower inflation or employment figures could create a clear path toward a new all-time high. This potential surge could occur as early as next week, between June 7th and 12th, with the release of the Employment Situation Summary and the crucial CPI data.

Some Bitcoin surges from 2023 to June 2024:

April 2023: Bitcoin breaks the $30,000 resistance level for the first time since June 2022, sparking optimism and a potential new uptrend.
May 2023: Experts predict Bitcoin could reach $50,000 based on similarities to the 2020 price movements.
Early 2024: A strong rally pushes Bitcoin over 60% higher compared to the beginning of the year, fueled by investor confidence and macroeconomic concerns.
May 20th, 2024: Bitcoin surges over 6%, reaching $71,178, likely due to increased buying activity and renewed interest in spot Bitcoin ETFs.

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Bitcoin Blasts Off? US Job Slump and Cooling Inflation Hint at New All-Time High

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