Bitcoin could hit a new all-time high next week after the lowest US job openings in three years – a sign of a slowing economy – but two other indicators need to be confirmed, according to a cryptocurrency researcher.
“Last night, another important, forward-looking measure of employment, job openings, slowed significantly,” Markus Thelen, head of research at 10X, wrote in a June 4 report.
The U.S. Bureau of Labor Statistics’ June 4 report on Job Openings and Labor Turnover (JOLT) showed that in April the country had 8.1 million openings employment with around 0.8 unemployed per job offer, the highest ratio since February 2021.
According to Thelen, this could be the first economic indicator to indicate an economic slowdown, all of which would lead to “falling inflation” – a major bullish indicator for Bitcoin (BTC).
When the results of the U.S. Consumer Price Index (CPI) that measures inflation fell 0.1% on May 15, bitcoin rose 7% over the next five days to $71,432. , according to data from CoinMarketCap.
Thelen estimates that another 0.1% drop in the CPI to 3.3% would have a similar effect.
“A weaker surprise could lead to a rate cut, and next week we will receive the CPI inflation report. If the CPI (on an annual basis) hits 3.3% or lower, it will likely push Bitcoin to all-time highs.
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At press time, Bitcoin is trading at $71,199.
Thelen noted that as Bitcoin moves out of the major consolidation triangle, a close above this level, combined with a decline in US inflation or employment figures, could lead to a path clear direction towards Bitcoin surpassing its all-time high of $73,679 between June and September. June 12.
The U.S. Bureau of Labor Statistics will release its summary of the employment situation on June 7, followed by Consumer Price Index data on June 11.
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