Bitcoin may surge to new all-time highs above $115,000 next month if institutional buying continues and US job data is “weaker-than-expected,” say analysts.

“In a bullish scenario, driven by strong institutional interest and ETF inflows, Bitcoin could touch $115,000 or higher by early July,” Bitfinex analysts told Cointelegraph.

Bitcoin pullback of “some concern,” but sentiment still high

US spot Bitcoin (BTC) ETFs had a strong May, posting around $5.24 billion in inflows, according to Farside data.

Bitcoin had surged over the month to a peak of $111,970 on May 22 but has since pulled back to $104,823 at the time of publication, according to CoinMarketCap.

Bitfinex analysts said although the pullback “has caused some concern, investors still feel optimistic.”

Market sentiment is holding strong, too, with the sentiment-tracking Crypto Fear and Greed Index reading a “Greed” score of 57 out of 100.

The US Bureau of Labor Statistics is set to release a monthly US jobs report on June 6.

The US jobs data is an important indicator for Bitcoin as it has an impact on the Federal Reserve’s interest rate decision, which in turn influences sentiment toward Bitcoin and other risk assets. 

“A stronger-than-expected report might delay rate cuts, strengthening the dollar and possibly exerting downward pressure on Bitcoin,” Bitfinex analysts said.

However, they added that a “softer-than-expected” report could reinforce the “disinflation narrative” and encourage the Federal Reserve to consider reducing interest rates sooner, which would be bullish for Bitcoin.

Strong job report may lead to $102K Bitcoin price

“If the jobs report indicates a stronger labor market, Bitcoin might test support levels around $102,000 or lower,” the analysts said.

“Overall, the report’s outcome will be pivotal for lower timeframe traders but will only be a smaller piece of a larger puzzle in the larger scheme of things.”

Related: Bitcoin on ‘very shaky ground’ as new BTC price top nears: Ammous

Bitfinex suggested in its bearish outlook that Bitcoin could dip below the key psychological level of $100,000 to a range of between $95,000 to $97,000, where it could “see some good accumulation.”

The last time Bitcoin traded near the $97,000 range was May 7.

June was the month that several crypto analysts had earlier predicted Bitcoin would reach new all-time highs, prior to its climb to $111,970 in May.

On March 28, Real Vision chief crypto analyst Jamie Coutts told Cointelegraph that the market “may be underestimating how quickly Bitcoin could surge and could potentially hit an all-time high before the end of the second quarter.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.