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Bitcoin's Risk-Reward Potential Remains Attractive, Says 10x Research

20/09 18:43

According to Odaily, renowned cryptocurrency research firm 10x Research recently stated on the X platform that Bitcoin continues to be one of the most attractive assets in terms of risk-reward potential. Following a warning about downside risks after Bitcoin's peak in March-April, the firm has adopted a tactically optimistic stance amid Bitcoin's sharp decline. Several previously published reports support their more optimistic outlook for a significant rise in Bitcoin's value. Additionally, breaking Bitcoin's downward trendline could indicate stronger upward momentum, potentially pushing Bitcoin above the 21-week simple moving average of $60,996. This level is a key indicator for determining whether Bitcoin is in a bull market (above) or a bear market (below). Surpassing this level sets a target of $65,000, which is now within reach. Notably, current trading signals have increased long positions to a net long position of 70% for the first time. Historical pattern analysis suggests that this shift indicates Bitcoin and Ethereum may offer attractive buying opportunities in the next 2-3 months.

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Bearish