On June 11, Bitcoin continued its upward momentum, testing the $110,000 mark twice within 24 hours, indicating a potential breakout to new all-time highs.
Positive CPI Data Expected to Boost Markets
Bitcoin’s unstoppable momentum continued on June 11 after it tested the $110,000 mark twice within 24 hours, signaling a potential breakout to new all-time highs. At the time of writing, BTC traded at around $109,500, up more than 8% from its June 5 low of $100,984. With bullish sentiment intensifying, analysts are watching closely to see if Bitcoin can shatter resistance and push beyond its previous peak.
The top cryptocurrency’s movement came just hours before the U.S. was scheduled to release its Consumer Price Index (CPI) data. Some Wall Street projections anticipate a 2.5% increase. One analyst believes that projection is slightly higher than his 2.1% to 2.3% prediction, which he argues is “a clear sign that inflation is cooling.” Slowing inflation, in turn, would pressure U.S. Federal Reserve Chairman Jerome Powell to finally cut interest rates — a move many observers believe would boost both stock and crypto markets.
In a June 8 post shared via X, the analyst also pointed to the negative BTC funding rate as another indicator that the cryptocurrency was on course to hit another milestone.
“What’s crazy right now is the fact that the Bitcoin funding rate is currently negative, which means that there are more shorts than longs open, which indicates an extremely healthy market and even supports the bullish thesis,” the analyst argued. “Also, there is plenty of liquidity in the region between 108 and 110K, which is going to be taken as well for sure in the coming days!”
Expert Warns Bitcoin Correction to $92,000 Still Possible
Overall, the analyst expressed optimism about an impending market rally, predicting a rise to $108,000-$110,000 as a first target. The analyst added this upward trend is just the beginning, with a “golden cross” technical indicator suggesting gains of 70%-170% in the coming months. The overall sentiment is that “good times are ahead” for the markets.
However, another expert, Sergei Gorev, head of risk at Youhodler, said he has observed a “head and shoulders” pattern forming, an indication that BTC could see a reversal. He stated:
“ BTC quotes are currently in a state of uncertainty. On the one hand, many global traders are gradually withdrawing from the U.S. currency and shifting to more risky assets, including cryptocurrencies. This has a positive effect on the BTC exchange rate. On the other hand, the price on the BTC chart is behaving extremely erratically, and there is currently a possibility of a local price hike. There is a ‘Head and Shoulders’ picture, which, if implemented in its scenario, can lead to a correction in the price of BTC to the level of $92,000 per 1 BTC.”
On a separate note, Gorev also predicted a potential surge in gold prices, driven by a weakening U.S. dollar and a technical “Inverted Head and Shoulders” formation. If this pattern plays out, gold could reach new highs, potentially up to $3,700 per ounce.