10x Research: bitcoin remains attractive in terms of risk-reward potential
Bitcoin remains one of the most attractive assets in terms of risk-reward potential, leading cryptocurrency research firm 10x Research recently said on the X platform. Following warnings of downside risks after Bitcoin peaked in March-April, the firm has taken a tactically optimistic stance in the face of Bitcoin's sharp decline. Multiple reports released previously support their more optimistic expectations for a significant rise in the value of Bitcoin.
Additionally, a break above Bitcoin's downtrend line could indicate stronger upward momentum, potentially pushing Bitcoin above its 21-week simple moving average of $60,996. This level is a key indicator of whether Bitcoin is in a bull market (above) or a bear market (below). A break above this level would set a target of $65,000, which is now within reach. It is worth noting that the current trading signals have increased the long position for the first time to a 70% net long position. Historical pattern analysis suggests that this shift indicates that Bitcoin and Ether may offer attractive buying opportunities over the next 2-3 months.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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