BTC Futures Positions Top Record $37B as Analysts Predict Bitcoin Surge to $83K

Bitcoin could be primed for a surge to $83,000, according to analysis by 10x Research. The breakout is contingent on BTC moving above $72,000 to complete an inverted head-and-shoulders pattern in which an asset experiences three price troughs with the middle one being the deepest. This pattern suggests it is “only a matter of time” before the BTC price reaches a new high, 10x founder Markus Thielen said. A breakout above $72,000, a mere 1% climb above its current price of around $71,300, may hinge on U.S. nonfarm payrolls data, scheduled for release at 08:30 ET. Weak data may strengthen the case for Fed interest-rate cuts, adding to upward momentum in risk assets, including cryptocurrencies.