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If Bitcoin remains strong in the face of three-year low job postings and a possible inflation slowdown in the US, it could reach new highs within days, says crypto researcher Markus Thielen.
Bitcoin could hit a new record high next week, according to a crypto researcher, following the lowest US job postings in three years, as two other indicators also confirm it.
“Last night, job postings, a critical business metric going forward, slowed significantly,” Markus Thielen, head of research at 10x Research, wrote in a June 4 report.
According to the U.S. Bureau of Labor Statistics’ June 4 Job Openings and Labor Turnover Rate (JOLT) report, there were 8.1 million job postings in the country in April, with approximately 0.8 unemployed people for every job posting; This is the highest rate since February 2021.
According to Thielen, this could be the first of a series of economic indicators that point to an economic slowdown, all of which will lead to “lower inflation” — a key bullish indicator for Bitcoin.
When U.S. Consumer Price Index (CPI) results fell 0.1% on May 15, Bitcoin rose 7% over the next five days to $71,432, according to CoinMarketCap data.
Thielen thinks a further 0.1% drop in CPI to 3.3% would have a similar effect.
“A weaker surprise could bring back interest rate cuts and we will get the CPI inflation report next week. “If the CPI is 3.3% [on a yearly basis] or lower, it will push Bitcoin to new all-time highs.”
At the time of publication, Bitcoin is trading at $71,199.
Thielen said Bitcoin is breaking out of a key consolidation triangle and a close above that level, coupled with lower US inflation or employment data, could open a clear path for Bitcoin to break the current all-time high of $73,679 between June 7-12. he stated.
The U.S. Bureau of Labor Statistics will release the Employment Situation Summary on June 7, followed by CPI data on June 11.
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