Analytical firm 10x Research has set two price targets for the rise of Bitcoin (BTC).
In the report released on March 25, 10x Research stated that Bitcoin has made an upward move from its consolidation phase and could reach all-time highs (ATH).
The report indicated that a symmetrical triangle formation in the Bitcoin chart corresponds to a rise of $15,000 to $20,000 from the $63,000 level. If this rise occurs, the price of Bitcoin will reach $83,000.
10x founder Markus Thielen stated that Bitcoin has surpassed a critical level of $68,000 and historically, when Bitcoin crosses such critical resistances, it tends to start a new rally:
Previous market cycle peaks tend to be tested and broken again, and Bitcoin has shown a tendency to make significant rallies.
The report also mentioned the influence of the dovish stance of the Federal Reserve (FED) on Bitcoin’s rise, with Thielen stating:
The FED signaled that they are willing to accept high inflation for a longer period. The Bank of Japan and the Swiss National Bank made a surprise on the dovish side.
Thielen also said that the upward targets of $83,000 and $102,000 could gradually come into play.
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