Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, may be on the verge of a significant price increase, according to a recent technical analysis by 10x Research. 

The ​​analysis ​​suggests ​that ​BTC ​could ​rally ​to ​​new ​​all​-time highs​​, ​potentially ​​reaching ​$​80​,000 ​in ​​the ​coming ​​weeks​​​​.

The ​​bullish ​​sentiment ​stems from ​Bitcoin’s ​recent ​price ​action​​, ​which ​​saw ​the ​cryptocurrency ​break ​through ​a ​triangular ​consolidation ​pattern ​on ​Monday​​​​​​.

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• Bitcoin breaks through the crucial resistance level, signaling a potential rally to $80,000

• Bullish breakout supported by better-than-expected U.S. economic data and ongoing stablecoin supply expansion

• Technical analysis suggests buying at $69,280 with a stop loss at $65,000 to maximize gains and minimize risks

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Bitcoin Poised for $80K Rally as Technical Analysis Reveals Bullish Breakout.

This pattern, identified by a resistance line connecting the highs of March 15 and March 27 and a support line connecting the lows of March 20 and April 3, was breached when BTC surpassed the $72,000 mark.

Markus Thielen, founder of 10X Research, advises clients to consider buying at $69,280 and setting a stop loss at $65,000, anticipating a potential climb above $80,000 in the near future. 

This target represents a minimum 10% increase from Bitcoin’s current price of $72,300.

The​ ​breakout ​coincides ​​with ​a ​stronger-​than​-​​anticipated ​nonfarm payrolls ​report​, ​which ​highlights ​the ​resilience ​​of the U.​S​​. ​economy ​and ​has ​encouraged ​risk​-taking ​across ​various ​​financial ​markets​. 

Bitcoin’s ​rally ​this ​year has ​been ​​part ​of a ​broader ​”​everything ​rally​,” with ​traditional ​assets ​such ​as ​the ​Nasdaq​, ​S​&​P ​500, ​​and ​gold also ​reaching ​new ​​heights​. 

​The ​ongoing ​expansion ​of ​major ​stablecoin ​supplies ​has ​further ​bolstered ​​the cryptocurrency’s ​upward ​​trajectory​.

In ​technical ​analysis​, investors ​and ​analysts ​examine ​​price patterns ​​to forecast ​future ​​trends ​in an ​​asset’s ​value​. ​​

A symmetrical triangle, also known as a coil, represents a period of consolidation within a narrowing price range. 

During this consolidation, the market typically accumulates energy, which is eventually released in the direction of the range’s resolution. 

In most cases, symmetrical triangles culminate in a bullish breakout.

As​ ​​Bitcoin continues ​​to ​captivate ​the attention ​of ​investors ​​and ​​enthusiasts ​worldwide​, ​the ​recent technical ​analysis ​by ​10x ​​Research ​provides ​an ​optimistic ​outlook ​for ​the ​​cryptocurrency’s ​future ​price ​action​​​. 

With the potential for a rally to $80,000 and beyond, market participants will closely monitor Bitcoin’s movements in the coming weeks to see if the predicted bullish breakout materializes.