Bitcoin rally above $67.5K could spark new record highs, says 10x Research
Will Bitcoin Hit New Peaks Above $67.5K?
Markus Thielen from 10x Research suggests that Bitcoin could reach new all-time highs if it breaks above the $67,500 resistance level. This prediction follows a significant recovery, with Bitcoin surpassing $66,000, fueled by positive inflows into U.S. spot Bitcoin ETFs. Additionally, a move above $67,500 could potentially liquidate $300 million in leveraged short positions.
What is the significance of the $67,500 mark for Bitcoin according to Markus Thielen's report?
According to Markus Thielen's report, the $67,500 mark is a crucial resistance level for Bitcoin. Thielen, the head of research at 10x Research, indicates that surpassing this level could trigger a significant rally, potentially leading Bitcoin to new all-time high prices. This resistance point is pivotal in determining the future price action of Bitcoin. Thielen's analysis is supported by recent trends where Bitcoin has shown a strong recovery, moving above the $66,000 mark, which adds to the optimism regarding its potential to break the $67,500 resistance2. The report suggests that achieving a breakthrough above this level could be a decisive factor for Bitcoin's trajectory, aligning with predictions from their Bitcoin ETF model that foresee new peaks in its value.
How did Bitcoin perform in the week prior to the report, and what psychological level did it surpass?
Bitcoin experienced a notable recovery in the week prior to the report, showing a significant upward trend. The cryptocurrency surpassed the $66,000 psychological mark, registering an increase of over 7.3% during that period. This performance is highlighted as a promising sign for Bitcoin's future price action.