# Bitcoin’s Triangular Pattern Breakout Signals Potential Surge to $80,000, Says 10x Research
Bitcoin’s recent triangular consolidation phase has concluded with an upward breakout, potentially paving the way for a surge to $80,000, according to an analysis by 10x Research.
On the 8th, CoinDesk reported that Bitcoin is poised to set new records following its breach of a “triangular convergence adjustment pattern,” citing technical analysis from 10x Research.
As of the morning of that day in the U.S., Bitcoin exceeded $72,000, breaking above the resistance line formed by the March 15 and March 27 highs and the support line from the March 20 and April 3 lows, confirming the triangular adjustment pattern.
In a memo to clients early Monday, Markus Thielen, founder of 10x Research, stated, “If this breakout signals a bull market, Bitcoin could surpass $80,000 within weeks,” adding that “it seems prudent to buy at $69,280 and set a stop loss at $65,000.”
In technical analysis, a symmetrical triangle, often referred to as a coil, indicates a consolidation within narrowing price ranges. Markets typically accumulate energy during the consolidation phase, which is then released in the direction of the breakout. Symmetrical triangles usually culminate in an upward breakout.
A target of $80,000 represents at least a 10% increase from the current price of $72,300.
This year, Bitcoin has joined the “everything rally,” where all assets are experiencing upward momentum. Alongside Bitcoin, the Nasdaq, S&P 500 indices, and gold on Wall Street are also hitting record highs.
