CoinDesk cited analysis from Markus Thielen, the founder of 10x Research, stating that Bitcoin (BTC) could soon rise to $80,000, setting a new all-time high.
At the time of writing, the price of Bitcoin had surpassed $72,000, breaking through a resistance line connecting the highs of March 15 and March 27, as well as a triangle convergence pattern formed by the lows of March 20 and April 3.
In a memo sent to clients on Monday morning, Markus Thielen, the founder of 10X Research, stated that if this breakout is bullish, Bitcoin could climb above $80,000 in the coming weeks, or even sooner. He added, “Buying at $69,280 and setting a stop loss at $65,000 seems to be a suitable trading strategy.”
Bitcoin, along with other cryptocurrencies, had been in a weak state until the unexpected release of the Non-Farm Payrolls report, which reversed the downward trend. The report highlighted the resilience of the US economy and stimulated risk investment activities in various financial markets.
