Bitcoin Could Surge Past $80K In Coming Weeks, Says Analyst

As the digital currency Bitcoin BTC/USD breaks through a significant resistance level, market analysts are forecasting a potential rally that could see its value soar to new heights.

What Happened: Bitcoin may be on the verge of a significant price surge, potentially reaching new record highs, CoinDesk reported following a technical breakout on early Monday.

The leading cryptocurrency surpassed the $72,000 mark, moving past a triangular consolidation pattern. This pattern was delineated by a resistance line from Mar. 15 and Mar. 27 highs, and a support line from Mar. 20 and Apr.3 lows.

“If the breakout is bullish, which we suspect, bitcoin could climb above 80,000 during the next few weeks – if not earlier. Buying at $69,280 and setting a stop loss at $65,000 appears appropriate,” said Markus Thielen, the founder of 10X Research.

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The anticipated climb to $80,000 represents a minimum 10% increase from its current price. This bullish momentum follows a robust nonfarm payrolls report, which has encouraged risk-taking behavior across financial markets. Bitcoin’s rally is part of a broader “everything rally,” which includes gains in assets like the Nasdaq, S&P 500, and gold, supported by a continuous increase in major stablecoins’ supply.

Technical analysts use price patterns to forecast future market trends. A symmetrical triangle, also known as a coil, indicates a consolidation phase within a narrowing price range, which usually culminates in a bullish breakout, releasing the built-up market energy in the direction of the breakout.

Why It Matters: Recently pseudonymous cryptocurrency trader DonAlt predicted that an extended range-bound period for Bitcoin could set the stage for a move toward $80,000 and beyond. This sentiment was echoed by another trader who described the early April price movements as indicative of a “true bull market classic.”

Adding to the positive outlook, Ripple CEO Brad Garlinghouse predicted that the introduction of Bitcoin ETFs and the upcoming halving event could propel the entire cryptocurrency market past a $5 trillion market capitalization this year. These developments could further fuel investor enthusiasm and drive up demand for Bitcoin, potentially leading to the price targets discussed by analysts.

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