Bitcoin Could Approach $80,000 By June: 10x Research

In its latest newsletter, 10x Research highlights several key indicators showing strong buy signals for Bitcoin BTC/USD, suggesting that a major rally could be imminent.

What Happened: On May 18, 10x Research issued a trading alert for Bitcoin ETFs, anticipating significant returns. Shortly after, on May 20, their Bitcoin Greed & Fear Index turned bullish, signaling a pivotal moment as inflation risks, which previously fuelled corrections, seemed to have subsided.

An important milestone to watch is Bitcoin remaining above $71,000 for three consecutive days. Success here could trigger a buy signal projecting an additional 9% increase within two weeks. According to 10x Research, this signal boasts an impressive 80% hit ratio, hinting Bitcoin could approach $80,000 by June. "Bitcoin is still the better risk/reward trade," they conclude.

The research firm points out that although futures open interest has grown significantly in Ethereum, Bitcoin still emerges as the more attractive play. They note, "FOMO will be high because positioning is not catching up quickly enough with the recent rally."

Also Read: Bitcoin Could Reach $420K With 1% Global Asset Allocation, Predicts Financial Guru Ric Edelman

Why It Matters: Bitcoin's lower retail trading volumes are contrary to the surge in institutional inflows. Bitcoin ETF purchases increased by nearly $1 billion, while futures leverage climbed by $1.7 billion for BTC and $3 billion for Ethereum ETH/USD.

Notably, 10x Research's money flow index surged by around $4 billion in the last week alone. This influx of capital highlights growing institutional interest and could exacerbate FOMO, driving prices even higher.

With the risk of inflation impacting Bitcoin cleared from the market, traditional finance investors are showing renewed confidence. This shift could further fuel the ongoing rally. 10x Research asserts, "This rally can continue as a potential Bitcoin breakout looms."

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Michael Saylor Says ‘The Price Of BTC Is Still Less Than $0.08M’ As King Crypto Within Touching Distance Of A New ATH

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.