Bitcoin (BTC), the undisputed king of cryptocurrencies, is preparing to rise to record levels once again. According to technical analysis by 10x Research, the recent rise above a key resistance level indicates a potential rally for Bitcoin price towards $80,000 in the coming weeks.
An upward prediction has arrived for the Bitcoin price
This bullish forecast follows a definitive breakout from the triangle consolidation pattern. On Monday, April 8, Bitcoin broke the $72,000 mark, decisively breaking the resistance line formed by combining the March 15 and March 27 highs. This upward move comes with a support line formed by connecting the lows from March 20 and April 3. Markus Thielen, founder of 10X Research, said in a client note:
We suspect this is a bullish breakout. If our suspicions are correct, Bitcoin could rise above $80,000 in the next few weeks, possibly even sooner. Based on the current price of $72,300, this represents a minimum increase of 10%.
US employment report is highly critical
This potential increase is further strengthened by the recent positive US employment report, which highlights the resilience of the American economy and encourages risk-taking in financial markets. Bitcoin, along with traditional assets like the tech-heavy Nasdaq and the broader S&P 500 index, is enjoying a successful year, driven in part by the continued expansion of major stablecoins.
For those who don’t know, technical analysis is a method used by investors and analysts to predict future price movements based on past price patterns. In this case, the symmetrical triangle, often called a coil, signals a period of consolidation in the tightening price range. This consolidation phase is typically seen as a period in which the market gathers energy and eventually breaks out in the direction of the unraveling range. Historically symmetrical triangles tend to unravel with a bullish trend consistent with the current forecast for Bitcoin.
Cryptocurrency market is risky and volatile
It is important to remember that cryptocurrency markets are inherently volatile and predictions, even if based on technical analysis, should not be taken as financial advice. However, the recent bullish trend is undeniably adding some optimism to the Bitcoin market. With positive economic indicators and a history of bullish trending from similar consolidation patterns, Bitcoin’s journey towards $80,000 looks like a distinct possibility.
cryptokoin.com As we always say, it is better to be careful. Only time will tell whether this prediction will come true. But one thing is certain: the world of cryptocurrency remains a fascinating space to watch.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.