Bitcoin’s recent bullish breakout from a triangular consolidation pattern has ignited optimism among analysts, with 10x Research predicting a potential surge to $80,000 in the near future. The breakout, fueled by a strong U.S. jobs report, has positioned Bitcoin (BTC) for a possible rally to new record highs.
The technical analysis conducted by 10x Research identified a triangular consolidation pattern with resistance and support lines dating back to March. With BTC surpassing $72,000, investors are now eyeing a potential climb above $80,000 in the coming weeks. Markus Thielen, the founder of 10x Research, advises investors to consider buying at $69,280 with a stop loss at $65,000 to capitalize on this bullish momentum.
The $80,000 target represents a significant upside potential, offering at least a 10% rise from the current price of $72,300. This breakout coincides with a strong U.S. nonfarm payrolls report, highlighting the economic resilience and driving risk-taking behavior across various financial markets.
Bitcoin’s impressive performance this year can be attributed to the broader “everything rally,” where traditional assets like Nasdaq, S&P 500, and gold have also seen significant gains. The cryptocurrency’s rally has been supported by the continuous expansion of major stablecoin supplies, further fueling its upward trajectory.
In technical analysis, symmetrical triangles like the one observed in Bitcoin’s price chart indicate consolidation and a potential breakout in the direction of the trend. The energy built during consolidation is often unleashed in a bullish breakout, as seen in Bitcoin’s recent price action. Investors and analysts closely monitor these patterns to anticipate future price movements and position themselves strategically in the market.
