Bitcoin May Rally to $80K on Triangle Break: Technical Analysis


According to an analysis by 10x Research, Bitcoin's triangle consolidation has come to an end with a bullish breakout, potentially reaching $80,000.

The most recent breakthrough follows a stunning U.S. jobs report.

According to technical analysis by 10x Research, Bitcoin (BTC), the largest cryptocurrency by market value, may rise to new record highs after breaking through a so-called triangle resistance.

BTC surged above $72,000 early on Monday, moving through a triangle of consolidation pattern denoted by a resistance line joining the highs of March 15 and March 27 and a support line joining the lows of March 20 and April 3.

"We believe that the breakout is positive, and if so, bitcoin may surpass 80,000 in the next weeks, if not sooner. In a letter to clients early on Monday, 10X Research founder Markus Thielen stated, "Buying at $69,280 and setting a stop loss at $65,000 appears appropriate."

At least a 10% increase from the present price of $72,300 is required to reach the upside target of $80,000.

Following a hotter-than-expected nonfarm payrolls report that demonstrated the US economy's resiliency and encouraged risk-taking throughout the financial system, the breakout occurred.

This year, Bitcoin has had a "everything rally" of sorts. Traditional assets like gold, the Nasdaq, the S&P 500 as a whole, Wall Street's tech-heavy index, and the cryptocurrency have all surged to all-time highs. The quantity of significant stablecoins has been steadily increasing, which has helped the cryptocurrency market rise.

Investors and analysts use technical analysis to forecast future trends in the asset by examining price patterns. A coil, which is a symmetrical triangle, is a symbol for consolidation within a contracting price range. During consolidation, the market usually develops momentum that is finally released in the direction of the range's resolution. Symmetrical triangles typically conclude with a bullish breakout.