Bitcoin's Future: Jobs Report and Price Predictions.
Analysts at Valkyrie Investments are monitoring a bearish head-and-shoulders pattern on Bitcoin's daily chart, which could signal a shift in market trend. A breakdown of the pattern could lead to a deeper decline, with a suggested target zone of $24,000. However, technical analysis patterns are subjective and may not always work as intended. The upcoming US nonfarm payrolls data could also impact Bitcoin's price, with a stronger-than-expected report potentially leading to a head-and-shoulders breakdown and a bid under the heavily shorted US dollar.