10x Research Sees Bitcoin as Still Attractive

Renowned crypto research firm 10x Research posted on X that Bitcoin remains one of the most appealing assets in terms of risk/reward potential. Following a warning of downside risks after Bitcoin's peak in March-April, the firm has adopted a tactically optimistic stance after the significant drop in Bitcoin's price. Previous reports published by 10x Research support a more bullish outlook on Bitcoin's price rise.

Additionally, a break above Bitcoin's downtrend line could indicate stronger upward momentum, potentially allowing Bitcoin to exceed the 21-week simple moving average (currently $60,996). This is a crucial indicator to determine if Bitcoin is in a bull market (above) or a bear market (below). Breaking above this level would target $65,000 (now within reach).

It's noteworthy that the current trading signals have seen a first increase of long positions to 70% net long positions. Based on historical pattern analysis, this shift suggests that Bitcoin and Ethereum might present attractive buying opportunities in the next 2-3 months.