Bitcoin (BTC), the undisputed king of cryptocurrencies, is set to break record highs once again. According to technical analysis by 10x Research, the recent rise above a key resistance level points to a potential rise towards $80,000 for the Bitcoin price in the coming weeks.

Bullish forecast for Bitcoin price

This bullish forecast follows a decisive breakout from the triangle consolidation pattern. On Monday, April 8, Bitcoin broke through the $72,000 mark, decisively breaking the resistance line formed by combining the highs of March 15 and March 27. This bullish move comes alongside a support line formed by combining the lows of March 20 and April 3. Markus Thielen, founder of 10X Research, said in a client note:

We suspect this is a bullish breakout. If our suspicions are correct, Bitcoin could break above $80,000 in the next few weeks, possibly sooner. At the current price of $72,300, this would represent a minimum increase of 10%.

US employment report, highly critical

This potential surge is further fueled by the recent positive US employment report, which highlighted the resilience of the American economy and encouraged risk-taking in financial markets. Bitcoin, along with traditional assets such as the tech-heavy Nasdaq and the broader S&P 500 index, has been enjoying a successful year, driven in part by the continued expansion of major stablecoins.

For those who don’t know, technical analysis is a method used by traders and analysts to predict future price movements based on past price patterns. In this case, the symmetrical triangle, often referred to as a coil, signals a period of consolidation in the tightening price range. This consolidation phase is typically seen as a period when the market gathers energy and exits in the direction of the range, which eventually resolves. Historically, symmetrical triangles tend to resolve in a bullish manner, in line with the current forecast for Bitcoin.

The cryptocurrency market is risky and volatile

It is important to remember that cryptocurrency markets are inherently volatile and predictions, even those based on technical analysis, should not be taken as financial advice. However, the recent bullish trend undeniably adds some optimism to the Bitcoin market. With positive economic indicators and a bullish history of similar consolidation patterns, Bitcoin’s journey towards $80,000 seems like a distinct possibility.

Cryptocoin.com as we have always reported, it is better to be careful. Only time will tell if this prediction will come true. But one thing is certain: The cryptocurrency world remains a fascinating space to watch.