Benzinga – As the digital currency Bitcoin (CRYPTO: BTC) 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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