Bitcoin Poised for New Highs as U.S. Job Openings Decline, 10x Research Predicts
Bitcoin could be on the verge of reaching new all-time highs as the U.S. economy shows signs of cooling down, according to Markus Thielen, head of research at crypto research platform 10x.
Thielen points to the latest Job Openings and Labor Turnover (JOLT) report from the U.S. Bureau of Labor Statistics, which revealed a significant drop in job openings in April 2024. The report showed 8.1 million job openings, with a ratio of 0.8 unemployed persons per opening – the highest ratio since February 2021.
“Last night, another critical and forward-looking job metric, job openings, slowed down significantly,” Thielen wrote in the company's latest market update.
Economic Slowdown and Inflation Impact on Bitcoin
This decline, according to Thielen, could signal the start of an economic slowdown, which could lead to lower inflation, a key bullish factor 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 decrease in CPI to 3.3% could have the same impact 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.
Bitcoin Price Analysis and Market Outlook
Thielen also noted that Bitcoin has broken out of a key consolidation triangle. A sustained price move above its current level, combined with lower U.S. inflation or employment figures, could pave the way for Bitcoin to break its previous all-time high of $73,679. Notably, the U.S. 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. While Thielen’s predictions are based on economic indicators and technical analysis, other industry stakeholders share a similar outlook. CryptoQuant founder and CEO Ki Young Ju has drawn parallels between current market dynamics and those in mid-2020, a period that preceded Bitcoin’s previous bull run.
The coming weeks will be crucial for Bitcoin as investors await key economic data that could potentially drive the cryptocurrency to new highs.
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