Bitcoin is on track for potential gains that could take it beyond $115,000 by early July, provided that institutional demand remains strong and upcoming U.S. employment data shows signs of weakness, according to analysts from Bitfinex.
“In a bullish scenario backed by robust ETF inflows and institutional interest, we could see Bitcoin push past $115,000 next month,” the analysts noted.
Pullback Creates Caution, But Optimism Persists
After reaching a high of $111,970 on May 22, Bitcoin has since retreated to around $104,823, according to CoinMarketCap data. Despite the recent decline, market sentiment remains positive.
U.S.-based spot Bitcoin ETFs recorded roughly $5.24 billion in inflows during May, according to Farside Investors.
Though the price correction has sparked some concern, Bitfinex analysts believe overall investor confidence remains intact. The Crypto Fear & Greed Index currently reflects a “Greed” level of 57 out of 100, indicating continued enthusiasm.
All Eyes on U.S. Jobs Report
Attention is now turning to the U.S. jobs report scheduled for release on June 6 by the Bureau of Labor Statistics. This data is seen as a key indicator that could influence the Federal Reserve’s stance on interest rates — and by extension, impact Bitcoin’s price direction.
A stronger-than-expected labor report may delay potential rate cuts, strengthen the dollar, and place downward pressure on risk assets like Bitcoin. In contrast, weaker job figures could reinforce a “disinflation” narrative and encourage earlier rate reductions — a scenario that could propel Bitcoin upward.
Downside Risks Still Present
Bitfinex analysts warned that if job numbers point to a robust labor market, Bitcoin might revisit key support zones around $102,000 or even lower. In a more bearish scenario, the asset could briefly dip under the psychological $100,000 mark, potentially finding buying interest in the $95,000 to $97,000 range — levels last seen in early May.
Despite the short-term uncertainties, June is still seen by many in the crypto community as a critical month for Bitcoin. Some experts had already forecasted a new all-time high during this period, especially after its strong momentum in May.
Jamie Coutts, chief crypto analyst at Real Vision, said back in March that the market may be underestimating how quickly Bitcoin could rally, suggesting a record high could be reached before the end of Q2.
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