#write2earn #Bitcoin Breakout: Chart Analysis Points to Potential Surge Towards $80,000 #bitcoinchartAnalysis #BitcoinpriceAnalysis #BullorBear $BTC

Bitcoin's recent price movement has broken out of a triangular consolidation pattern, indicating a potential bullish trend ahead, according to analysis by 10x Research.

The breakout occurred as Bitcoin surpassed the $72,000 mark on Monday, breaching the resistance line formed by connecting the highs of March 15 and March 27, as well as the support line connecting the lows of March 20 and April 3.

Markus Thielen, founder of 10X Research, suggests that if the breakout remains bullish, Bitcoin could surpass $80,000 in the coming weeks, or even sooner. He advises purchasing around $69,280 and setting a stop loss at $65,000.

This anticipated move towards $80,000 represents a potential 10% increase from the current price of $72,300.

The breakout coincides with a strong nonfarm payrolls report from the U.S., highlighting the economy's resilience and prompting increased risk-taking across various financial markets.

Bitcoin's surge is part of a broader trend dubbed an "everything rally" this year, where not only cryptocurrencies but also traditional assets like the Nasdaq, S&P 500, and gold have seen significant gains. The rally in Bitcoin has been supported by continuous growth in the supply of major stablecoins.

Technical analysis involves studying price patterns to forecast future asset trends. A symmetrical triangle, like the one observed in Bitcoin's recent movement, signifies consolidation within a narrowing price range. Typically, this consolidation builds energy that is eventually released in the direction of the breakout, often resulting in a bullish move.