Bitcoin may reach a record high in the coming week, thanks to the recent decline in job openings in the United States, which is seen as a sign of a slowing economy, according to a crypto researcher. Markus Thielen, the head of research at 10x Research, highlighted the significance of this decline in a report on June 4. The US Bureau of Labor Statistics’ report on Job Openings and Labor Turnover (JOLT) revealed that there were 8.1 million job openings in April, with approximately 0.8 unemployed individuals per opening, marking the highest ratio since February 2021.
Thielen believes that this decline in job openings could be the first of several indicators pointing to an economic slowdown, which would ultimately result in lower inflation. Lower inflation, in turn, is considered a positive indicator for Bitcoin. Thielen cited the example of Bitcoin’s 7% surge to $71,432 over the following five days after the US Consumer Price Index (CPI) decreased by 0.1% on May 15, according to data from CoinMarketCap. He believes that if the CPI experiences another 0.1% decrease to 3.3%, it could have a similar effect on Bitcoin’s price.
As of now, Bitcoin is trading at $71,199. Thielen noted that Bitcoin’s recent breakout from a key consolidation triangle, combined with lower US inflation or employment figures, could pave the way for a new all-time high between June 7 and June 12. The US Bureau of Labor Statistics will release the Employment Situation Summary on June 7, followed by CPI data on June 11.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their own research before making any decisions.