- Analysts say Bitcoin could reach new highs above $115,000 in July if institutional buying and positive trends continue.
- U.S. spot Bitcoin ETFs saw about $5.24 billion in inflows in May, supporting market momentum.
- Bitcoin reached $111,970 on May 22 but fell back to $104,823; investor optimism remains strong.
- Weaker U.S. jobs data may boost Bitcoin prices by encouraging earlier Federal Reserve rate cuts.
- A strong jobs report could pressure Bitcoin to test support around $102,000 or fall to $95,000–$97,000.
Bitcoin may set new all-time highs above $115,000 as early as July, depending on continued institutional investment and upcoming U.S. employment figures, according to analysts from Bitfinex. These factors are seen as major drivers for short-term price direction.
U.S. spot Bitcoin exchange-traded funds (ETFs) brought in about $5.24 billion in net inflows during May, according to data from Farside. After peaking at $111,970 on May 22, Bitcoin’s price dropped back to $104,823, based on CoinMarketCap data.
The analysts from Bitfinex said the recent pullback has raised some concerns, but market sentiment remains upbeat. The Crypto Fear and Greed Index shows a “Greed” rating of 57 out of 100, signaling ongoing investor confidence.
The U.S. Bureau of Labor Statistics will release the latest monthly jobs report on June 6. The performance of the U.S. job market can influence the Federal Reserve’s decisions on interest rates, which often impact the prices of risk assets like Bitcoin. “A stronger-than-expected report might delay rate cuts, strengthening the dollar and possibly exerting downward pressure on Bitcoin,” analysts said. Conversely, they noted, if the jobs report is weaker, it could support a “disinflation narrative” and prompt the Federal Reserve to lower rates sooner, which would likely be favorable for Bitcoin.
A robust labor report may drive Bitcoin to test support around $102,000 or lower. In a less optimistic scenario, analysts believe Bitcoin could drop below $100,000 to a range between $95,000 and $97,000, a level they suggest may attract new buying interest.
Market watchers previously predicted June could be the month Bitcoin breaks new records before its peak in May. This article does not offer investment advice and recommends conducting independent research before making financial decisions.
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