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⚡Bitcoin on Track to Hit $83K🇺🇲

Croxroad

08 Jun 2024 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🧭 Bitcoin Bulls Ramp Up

Bitcoin (BTC) may be setting up for a rise to $83,000 as it completes a major bullish price pattern on the daily chart, according to technical analysis by 10x Research. A price move above $72,000 would confirm a breakout from an inverted head-and-shoulders pattern, characterised by three price troughs, with the middle one being the deepest. "It is only a matter of time until bitcoin makes a new all-time high. The head-and-shoulders formation suggests a rally towards 83,000 soon, with the resistance line likely broken within the next few days. The ideal time for this resistance to break is either today, Friday, June 7, or next week, Wednesday, June 12," Markus Thielen, founder of 10x Research, said in a note shared with CoinDesk.

According to technical analysis theory, the inverted head-and-shoulders pattern usually forms after a downtrend and reverses the trend upwards after a breakout. The pattern rarely appears in an upward-trending market, signalling a bullish continuation. The breakout above $72,000 hinges on the U.S. nonfarm payrolls data scheduled for release on Friday at 12:30 UTC. According to Bloomberg, economists' consensus estimate is that the economy created 180,000 jobs in May, nearly matching April's 175,000 gain. The unemployment rate is expected to remain at 3.9% in May. The median estimate for average hourly earnings is a 0.3% increase, a tick above April's pace, leading to a 12-month wage growth of 3.9% for the second consecutive month.

Weak data may strengthen the case for Fed rate cuts, adding to upward momentum in risk assets, including cryptocurrencies. Some investment banks already expect the central bank to pivot to renewed liquidity easing via a rate cut in July. If the U.S. economic data underperforms, it could bolster Bitcoin's bullish momentum, providing the necessary conditions for a breakout above $72,000 and a subsequent rally towards the anticipated $83,000 target. The confluence of technical patterns and macroeconomic factors positions Bitcoin for a potentially significant price movement in the near term.

🛢️ Sustainable Revolution

Bitcoin continues to trend worldwide, particularly in Central America, Latin America, Africa, and Asia, as a viable alternative to combat inflation and facilitate liquidity with a strong currency. In this podcast, we will discuss the impact of the Bitcoin revolution, particularly in El Salvador, while highlighting the potential achievements in Latin America. Our guest, Ricky from Lago Bitcoin, will share his experiences and insights on the functioning and future of this movement in Guatemala.

Ricky, maintaining anonymity for security reasons, began his journey with Bitcoin in 2013, even before the concept of the "orange pill" existed. Initially investing in gold in 2018, he shifted his focus to Bitcoin as its value surpassed gold. Since then, Ricky has been dedicated to studying and understanding Bitcoin independently. Lago Bitcoin emerged from a group of individuals seeking practical economic solutions, gaining traction during Bitcoin's low point in 2022-2023. Those who held onto their Bitcoin saw its value increase significantly, affirming its strength as a currency.

The primary objective of Lago Bitcoin is to educate a new generation on Bitcoin, offering a comprehensive 15-week course called "My First Bitcoin." Innovative teaching methods, such as this detailed course, help participants gain the knowledge and confidence to manage their wallets and engage with Bitcoin effectively. The project's acceptance in Guatemala has been facilitated by targeting tourist regions familiar with Bitcoin. Funded initially through donations from individuals and corporations, Lago Bitcoin aims to bring positive economic change and prepare more people to navigate the world of cryptocurrencies.

👜 Wallet

A wallet is a digital storage device or location used to keep crypto assets secure. Wallets can be either online (hot wallets) or offline (cold wallets), providing different levels of accessibility and security.