Analysts predict a possible rise in Bitcoin's price to record levels in the near future if institutional buying continues and employment data comes in lower than expected.
Forecasts and Growth Factors
According to Bitfinex analysts, Bitcoin could reach $115,000 or higher by early July if strong institutional interest and ETF inflows persist. "In a bullish scenario, driven by strong institutional interest and ETF inflows, Bitcoin could touch $115,000 or higher by early July," Bitfinex analysts told Cointelegraph.
Market Dynamics and Recent Changes
In May, U.S. Bitcoin ETFs recorded a significant inflow of approximately $5.24 billion. Bitcoin peaked at $111,970 on May 22 but has since pulled back to $104,823. Despite this pullback, investor sentiment remains optimistic. The crypto Fear and Greed Index shows a ‘Greed’ score of 57 out of 100.
Impact of New Employment Data
The U.S. Bureau of Labor Statistics is set to release a jobs report on June 6. Employment data is crucial for Bitcoin, as it influences the Federal Reserve's interest rate decision. "A stronger-than-expected report might delay rate cuts, strengthening the dollar and possibly exerting downward pressure on Bitcoin," analysts said. Conversely, a softer-than-expected report could support a disinflation narrative, possibly leading to earlier interest rate cuts and benefiting Bitcoin.
Overall, the Bitcoin market anticipates significant changes based on upcoming employment data, and investors are closely monitoring events that may impact price dynamics.
