Bitcoin’s price could reach a record high in the coming week due to a decline in job openings in the United States, signaling a slowing economy. According to a crypto researcher, two other indicators need to be confirmed for this to happen.
Markus Thielen, head of research at 10x Research, highlighted the recent slowdown in job openings as a critical economic metric. The U.S. Bureau of Labor Statistics’ report on Job Openings and Labor Turnover (JOLT) revealed that in April, the country had 8.1 million job openings, with approximately 0.8 unemployed individuals per job opening, the highest ratio since February 2021.
Thielen believes that this decrease in job openings could be the first indication of an economic slowdown, which would ultimately result in lower inflation. This is a positive factor for Bitcoin’s bullish trend.
In the past, when the U.S. Consumer Price Index (CPI), which measures inflation, decreased by 0.1% on May 15, Bitcoin experienced a 7% surge over the following five days, reaching $71,432, according to data from CoinMarketCap. Thielen predicts that if the CPI decreases by another 0.1% to 3.3%, a similar effect could be seen.
Currently, Bitcoin is trading at $71,199, and Thielen believes that if it breaks out of its key consolidation triangle and achieves a close above this level, combined with lower U.S. inflation or employment figures, it could pave the way for Bitcoin to surpass 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. These reports will provide further insight into the state of the economy and potentially impact Bitcoin’s price.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.