Bitcoin Breaks Out of Triangular Consolidation, Could Reach $80,000: 10x Research

Bitcoin has broken out of a triangular consolidation pattern, which could lead to a potential rally to $80,000, according to analysis by 10x Research. The breakout was triggered by a strong US jobs report, which boosted risk-taking across the financial market. Technical analysis suggests that if the breakout is bullish, bitcoin could climb above $80,000 in the next few weeks. The cryptocurrency's rally has been supported by the expansion in the supply of major stablecoins, and it has been part of an "everything rally" this year, alongside traditional assets like Nasdaq, SP 500 and gold.