Bitcoin may hit new high if US employment, inflation slows

    2024.06.05 | exchangesranking | 17onlookers

    Bitcoin (BTC) could hit a new all-time high as soon as next week following the lowest United States job openings in three years — a sign of a slowing economy — but two other indicators must be confirmed, according to a crypto researcher.

    “Last night, another critical and forward-looking job metric, job openings, slowed down significantly,” 10x Research head of research Markus Thielen wrote in a June 4 report.

    The U.S. Bureau of Labor Statistics June 4 report on Job Openings and Labor Turnover (JOLT) showed in April the country had 8.1 million job openings with around 0.8 unemployed persons per job opening, the highest ratio since February 2021.

    According to Thielen, it could be the first of the economic indicators suggesting an economic slowdown, which will all “lead to a lower inflation” — a key bullish indicator for Bitcoin.

    When the inflation-measuring U.S. Consumer Price Index (CPI) results lowered by 0.1% on May 15, Bitcoin surged 7% over the following five days to $71,432, per CoinMarketCap data.

    Thielen believes another 0.1% decrease in the CPI to 3.3% will have a similar effect.

    “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.”

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    At the time of publication, Bitcoin is trading at $71,199.

    Bitcoin is up 12.05% over the past 30 days. Source: CoinMarketCap

    Thielen noted that given Bitcoin has broken out of a key consolidation triangle, a close above this level, along with lower U.S. inflation or employment figures, could lead to a clear path toward Bitcoin breaking its current all-time high of $73,679 between June 7 and June 12. 

    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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