Bitcoin Approaches Historical High, 10x Research Analyst: Target Price of $83,000
A recent analysis by 10x Research suggests that Bitcoin may soon reach a new all-time high after breaking out of the triangle pattern.
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Bitcoin Approaching Historical High at $73,787
Bitcoin surged nearly 6% on the evening of April 8, reaching $72,799, but fell back to around $71,000 after the U.S. stock market opened.
Currently, it is only a 2.83% increase away from its historical high of $73,787 on March 14.
According to CoinMarketCap, Bitcoin has a 24-hour increase of 3.32%, while Ethereum has seen a larger rebound with an 8.17% increase, bringing its price to $3,706.
Bitcoin Target Price of $83,000
Markus Thielen, founder of the analysis firm 10x Research, told CoinDesk that if Bitcoin remains above $72,000, it signifies a breakout from the triangle pattern formed by resistance lines on March 15, March 27, and support lines on March 20, and April 3.
In a message to subscribers on April 8, he mentioned:
We believe Bitcoin may climb to $80,000 or higher in the coming weeks, possibly sooner. Buying at $69,280 with a stop-loss at $65,000 seems appropriate, with a target price of $83,000.
Why #BITCOIN is breaking out -> https://t.co/as0xrQCm7L pic.twitter.com/DfeETXghoD
— 10x Research (@10x_Research) April 8, 2024