Bitcoin bulls are back in charge, with the leading cryptocurrency surpassing $72,000 again today. As investors look towards the next potential price target, a new analysis from a well-respected analyst is grabbing attention.
Markus Thielen, founder of 10x Research and known for his accurate predictions, believes Bitcoin is primed for further gains. Thielen points to a specific chart pattern, the symmetrical triangle, as a sign of bullish momentum.
What is the Symmetrical Triangle?
Often referred to as a “coil,” the symmetrical triangle indicates a consolidation period where the price range narrows. This consolidation is typically followed by a breakout in one direction, with analysts often anticipating an upward trend.
Bitcoin’s Breakout and Bullish Expectations
In the current scenario, Bitcoin appears to have broken above the symmetrical triangle, suggesting a potential surge. This has fueled bullish sentiment among investors, with some analysts like Thielen predicting a rise above $80,000 in the coming weeks.
Related: Bitcoin Back Above $70,000 as Crypto Market Rally Continues
A Word of Caution
While the chart signals and analyst predictions offer valuable insights, it’s crucial to remember that they are not guarantees. Do your own research and never base your investment decisions solely on a single data point, signal, or analysis.
Also Read: Bitcoin Soars to New All-Time High As Analyst Predicts “Big Move”
